Finance Minister Arun Jaitley appeals World Bank to have a larger capital base

Arun Jaitley, the Finance Minister of India, met the executive directors of the World Bank and pitched them to expand its capital base so that the multilateral funding institution can be better prepared for the financial needs of developing countries like India.

"FM (Arun Jaitley) stressed on the need for the World Bank to have a larger capital base, more activity and more projects," said a tweet from the Finance Ministry.

While meeting the officials, Jaitley suggested that they could also think about expanding World Bank’s role to areas like social sector- education, health, agriculture, development, small-scale industry etc.

India has been stressing on the need for reforms in the World Bank so that emerging economies of the world can be helped by the multilateral lending agency in a better way.

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