World Bank Assisted Programme INSPIRES launched in Sikkim
Government Scheme
4 min read
The Chief Minister of Sikkim, Prem Singh Tamang, recently launched Sikkim INSPIRES, a collaborative effort between the State Government and the World Bank. The main objective of this initiative is to promote economic growth and inclusion in the state
Sikkim INSPIRES program
Sikkim INSPIRES programme marks the first direct partnership between the State government and the World Bank.
The programme would engage nine government departments over the next five years to create an ecosystem for economic prosperity. The emphasis would be on collaboration and capacity-building across various sectors.
At the launch event, the announcement of a slogan competition winner and the unveiling of a mobile app focused on mental health awareness were also made. $100 million allocated by WB for this project.
The Sikkim INSPIRES programme aims to strengthen the state system to deliver inclusive growth, improve employment linkages for women and youth in priority sectors and enhance the delivery of enabling services for the economic inclusion of women and youth.
World Bank
The World Bank is the largest Multilateral Development Bank. It was established in July 1944 after the successful conclusion of the United Nations Monetary and Financial Conference, also known as the Bretton Woods Conference, held in Bretton Woods, New Hampshire, United States from July 1 to 22, 1944.
Initially known as the International Bank for Reconstruction and Development (IBRD), the World Bank was created to provide loans to member countries for economic development.
Over time, new institutions were established by the World Bank to cater to the emerging needs of its member countries.
Currently, the World Bank Group comprises of five institutions:
- International Bank for Reconstruction and Development (IBRD),
- International Financial Corporation (IFC),
- International Development Association (IDA),
- Multilateral Investment Guarantee Agency (MIGA), and
- International Center for Settlement of International Dispute (ICSID).
The IBRD is the main body of the World Bank, providing loans to member countries for development purposes, while the IFC invests in private sector companies in member countries. The IDA provides loans at concessional rates to the Least Developed Member countries, and the MIGA guarantees investments against non-commercial risks. The ICSID is responsible for resolving investment disputes.
There are currently 189 member countries of the World Bank, who are the shareholders and owners of the Bank. The United States of America is the largest shareholder, holding a 17.25% share, while India is the 7th largest shareholder with a 2.91% share.
The World Bank Group is headquartered in Washington D.C., United States of America, and its current President is Ajay Banga, who is an American citizen.
