CURRENT AFFAIRS

Detailed explanation-1: -World Bank Approves $750 Million Loan to India to Catalyze Private Financing and Support Economic Growth.

Detailed explanation-2: -WASHINGTON, DC, September, 21, 2022-The World Bank’s Executive Board of Directors today approved a $350 million loan to the western Indian state of Gujarat to improve the quality and access of its public healthcare services, with special focus on adolescent girls and disease surveillance.

Detailed explanation-3: -India approached the International Bank for Reconstruction and Development (IBRD), popularly known as World Bank and the International Monetary Fund (IMF), and received $7 billion as loan to manage the crisis during 1991.

Detailed explanation-4: -It not only grants loans out of its own funds, but it also assists private foreign investment by guaranteeing or participating in loans and investments made by private investors and coordinates the lending activities of the rich countries at a governmental level.

Detailed explanation-5: -2017 is the 70th anniversary of the signing of the World Bank’s first loan – a Reconstruction Loan to France in 1947.