World Bank will try to help India double its GDP growth rate from 4.8% to 9.6% and try to help Vietnam find steps to become an industrialized country in a single generation

1. The World Bank Group will bring increased financial and knowledge resources to help India return to the path of sustained high growth needed to bring prosperity to millions, especially the poor living in the lower income states. The World Bank Group will be ready to provide financial support worth $15-18 billion over the next three years. Discussions with the Prime Minister and other officials focused on the government’s plans to re-ignite growth by investing in infrastructure to create jobs; providing quality education and skills training to 8 million young people who enter the labor force each year; and better equipping the 10 million people who leave rural areas for towns and cities each year for jobs.

“The government is committed to introducing key reforms, which are critical to India achieving its full economic potential,” said Kim. “They have identified infrastructure development and job-oriented skill development as the deep drivers of growth. The World Bank Group is ready to support these development initiatives with financing, as well as knowledge and capacity building, that is informed by global experience.”

India potentially can double its growth rate and accelerate poverty reduction, said World Bank Group President Jim Yong Kim during a visit to the country

2. Vietnam and the World Bank Group announced that they have agreed to conduct a joint study that will recommend policy actions to greatly increase economic growth in Vietnam in the coming years, putting it on a path to become a modern, industrialized country in a generation. The study will identify the changes Vietnam needs to make to build sustainable and inclusive growth and join the ranks of high-income countries.

Vietnam Prime Minister Dung and Kim of the World Bank announced the study in Hanoi, where they also signed credit agreements for five new projects totaling US$876 million. In addition, Kim announced the World Bank Group will provide Vietnam with over $3.8 billion in concessional financing through IDA, the World Bank’s fund for the poorest countries, in the next 3 years.

The study will look at the steps Vietnam needs to take to become a modern, industrialized country in a single generation

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