CURRENT AFFAIRS

Detailed explanation-1: -We’re fast-tracking $1 billion to help prevent, detect, and respond to the COVID-19 pandemic in India and strengthen its public health preparedness, the largest ever health sector support from the Bank to India.

Detailed explanation-2: -The World Bank promotes long-term economic development and poverty reduction by providing technical and financial support to help countries implement reforms or projects, such as building schools, providing water and electricity, fighting disease, and protecting the environment.

Detailed explanation-3: -The World Bank Group is one of the world’s largest sources of funding and knowledge for developing countries. Its five institutions share a commitment to reducing poverty, increasing shared prosperity, and promoting sustainable development.

Detailed explanation-4: -India received its first bank loan of US$34million from the IBRD in November 1948 for railway rehabilitation. Since then, India has become the country with the largest country program and its lending portfolio of the World Bank group inheres of 104 operations with a total volume of $27.1 billion.