Satish Pendyala
Senior BJP leader and Tech Entrepreneur & Investment Banker Sudhakar Gande met the World Bank senior executive Gurucharan Singh at the Bank’s headquarters in Washington DC, the US on September 30, Monday.
Gande was on a US tour to participate in the US India SME Council for its annual meeting there. He is the chairman of the SME council. Gurucharan Singh, a Senior Advisor with the World Bank for transport and digital development has been working with the bank for nearly two and half decades in various capacities.
The Workd Bank is a multilateral agency involved in financing Projects across the with world with focus on underdeveloped and developing countries. .
WB provides financing facilities to various countries and projects in various countries in the world in the form of Grants , Soft loans and commercial loans .Grants will have no interest to be paid and typically the principal to be paid in 30 to 40 years.Soft loans have a tenor of upto 15 to 20 with a nominal rate of interest . Commercial lians will have normal rate of interest with tempt upto 10 years.
“The current President of world is Ajay Banga is of Indian origin and incidentally he studied in Hyderabad. With Ajay at the helm we expect more focus and support to India,” said Gande during the course of talks with Singh.
“We also discussed specific Projects relating to Chhattisgarh where WB is keen to fund project relating Education et,” said Gande, talking to Excel India from the US..
What is World Bank?
Since 1947, the World Bank has funded over 12,000 development projects, via traditional loans, interest-free credits, and grants. “The World Bank Group works in every major area of development. We provide a wide array of financial products and technical assistance, and we help countries share and apply innovative knowledge and solutions to the challenges they face,” says the introduction on the World Bank Group website.
With 189 member countries, staff from more than 170 countries, and offices in over 130 locations, the World Bank Group is a unique global partnership: five institutions working for sustainable solutions that reduce poverty and build shared prosperity in developing countries, says the World Bank website. World Bank funds projects related to poverty removal, environmental protection, human development and infrastructure building, says the Bank’s website.
