Asheville, September 2, 2026 (Yes Punjab News)
India and the World Bank Group have discussed expanding their partnership beyond traditional lending, with a greater focus on infrastructure financing, digital public infrastructure, tourism and mobilisation of private capital.
Finance Minister Nirmala Sitharaman held discussions with World Bank Group President Ajay Banga on the sidelines of the G20 Finance Ministers and Central Bank Governors Meeting in Asheville, according to a statement issued after the meeting.
Sitharaman welcomed the World Bank Group’s continued engagement with India and appreciated the speedy processing of $1.5 billion in Development Policy Financing. She also welcomed support from the International Finance Corporation (IFC) for micro, small and medium enterprises through the Small Industries Development Bank of India (SIDBI), noting that the assistance was processed in record time and had positively impacted the MSME sector.
The two sides discussed expanding the role of the Multilateral Investment Guarantee Agency (MIGA) in India, including the systematic use of guarantees to deepen corporate, infrastructure and municipal bond markets and mobilise greater private investment.
They also considered a sector-based, programmatic approach to credit enhancement for infrastructure, which could shift the partnership from individual projects towards broader programmes across key sectors.
Banga noted the significant transformation of India’s infrastructure and highlighted opportunities to make greater use of World Bank Group instruments to support the country’s development ambitions.
The discussions also covered MIGA’s possible role in providing political risk insurance to Indian companies investing overseas.
Sitharaman highlighted India’s collaboration with the World Bank Group on establishing a Global Digital Public Infrastructure Knowledge Hub. The proposed hub would explore technology-led solutions across sectors, including agriculture, with the Finance Minister expressing hope for early progress towards its launch.
Tourism was another key area of discussion. Sitharaman proposed developing globally competitive tourism destinations under the new India-World Bank Group Country Partnership Framework through a coordinated model combining policy and infrastructure support from the International Bank for Reconstruction and Development, private-sector investment from IFC and guarantees from MIGA.
The meeting also explored transforming the India-World Bank relationship from a conventional lender-borrower arrangement into a broader strategic partnership focused on global knowledge, innovation and private capital mobilisation.
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