World Bank President Robert B. Zoellick today pledged continued assistance to metropolitan Mumbai’s ambition to become a world-class city while looking after its poorest citizens.
Zoellick visited Majas resettlement site on the Jogeshwari Vikhroli Link Road where about 900 families have been resettled as part of Mumbai’s transport expansion supported by the US$ 945 million Mumbai Urban Transport Project (MUTP).
Meeting Maharashtra Chief Minister Vilasrao Deshmukh later today, Zoellick said: “It is a fine accomplishment to have been able to move ahead with critical transport infrastructure in a way that takes care of people who have very little, so they feel they have been heard.”
The World Bank Group president said his institution would support Mumbai’s plans in three ways in the future. First with knowledge and experience from across the world; second by working with the authorities to strengthen the governance, legal and market structure of the planning; and thirdly with financial assistance that could help raise interest among private sector investors.
“The challenge is how to create the right public policy to draw private capital,” said Zoellick. Mumbai’s authorities suggested that the World Bank group might consider US$6 billion in support for greater Mumbai over the next 15 years. The World Bank has committed to exploring this important partnership with this city of over 18 million people.
The Chief Minister also requested Bank support for rural Maharashtra in the areas of health, education and water in addition to exploring urban development in some of the state’s smaller cities. According to current planning this would amount to around US$6.5 billion over the next 15 years. The World Bank’s Country Director for India Isabel Guerrero said the Bank already had a number of successful smaller projects in rural Maharashtra which could be scaled up rapidly.
Earlier in the evening, Zoellick met with Dr. Y. V. Reddy, Governor, Reserve Bank of India. The discussions centered on India’s macroeconomic and monetary outlook.
Zoellick will travel to New Delhi tomorrow where he will meet with India’s leaders, see more examples of how the World Bank Group is assisting India, and continue what he has described as his main ambition on his first visit to South Asia in his new role: “To listen and to learn as much as I can.”
Zoellick became the 11th President of the World Bank Group on July 1, 2007. Prior to joining the Bank, he served as Vice Chairman, International of the Goldman Sachs Group. Zoellick served as the Deputy Secretary of the U.S. State Department in 2005-06. From 2001-05, he served in the U.S. Cabinet as the U.S. Trade Representative.
The World Bank works with 185 member countries. India was the largest cumulative IBRD/ IDA borrower from the Bank in fiscal 2007, accounting for 15 percent of the Bank's new commitments worldwide. The Bank's current portfolio in the country comprises 68 active investment projects. During FY07, the Bank's Board approved US$ 3.7 billion in funding for 17 new projects for India spanning a range of development sectors including infrastructure, health and rural development. Of this, US$ 1.5 billion came from IBRD and US$ 2.25 billion came as interest–free credits from the International Development Agency (IDA). The total IFC portfolio amounts to US$2.4 billion in commitment; last year IFC committed over US$1 billion.
Source: http://www.worldbank.org.in/WBSITE/EXTERNAL/COUNTRIES/SOUTHASIAEXT/INDIAEXTN/0,,contentMDK:21532546~pagePK:1497618~piPK:217854~theSitePK:295584,00.html
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