Multilateral Development Banks Current Affairs 2024
Are you getting ready for upcoming competitive exams like SSC, UPSC, RRB NTPC, RAILWAY, BANK, CDS, and other state-level exams? If so, knowing about the latest banking current affairs is super important! One of the hot topics right now is Multilateral Development Banks (MDBs). These are big banks that help countries by giving them money for projects like building schools, hospitals, and roads. In this blog, we will learn about the most recent news related to these banks in 2024. This will help you stay updated and be well-prepared for your exams!
September 2024
- India has served Pakistan a notice seeking review of the Indus Water Treaty (IWT), brokered by the World Bank.
- The World Bank report “Unlocking the Power of Healthy Longevity” states that investing in healthy longevity could save 150 million lives in Low-and-Middle Income Countries by 2050.
- The Asian Development Bank (ADB) has funded Rs 530 crores for the modern management of the drinking water supply in 12 cities of Tripura.
- The ADB approved a USD 50 million loan for the ‘ClimateAdaptative Community-Based Water-Harvesting Project’ in Meghalaya, India.
- The Ministry of Health and Family Welfare inaugurated the “Climate and Health Solutions (CHS) India Conclave” in collaboration with the ADB.
- India’s growth forecast for the Financial Year 2024-25 has been raised to 7 percent from an earlier projection of 6.6 percent, according to the World Bank’s latest India Development Update.
- Algeria has recently become the 10th member of the BRICS New Development Bank (NDB).
January to August 2024
Asian Development Bank (ADB)
◾ The Asian Development Bank (ADB) has committed a $200 million (approximately Rs 1,700 crore) loan to improve solid waste management and sanitation in 100 cities across 8 states in India.
◾ India has signed a USD 500 million loan agreement with the Asian Development Bank (ADB) to improve access to quality and affordable tertiary health care and medical education in Maharashtra.
◾ ADB signed a USD 60 million NCDs agreement with Aadhar Housing Finance Limited to support housing loans for women.
◾ India and ADB sign a $170 million policy-based loan to strengthen health system preparedness for future pandemics.
◾ ADB partners with ENGIE group to build a 400-megawatt solar photovoltaic power plant in Gujarat.
◾ ADB approves USD 240.5 million loan to finance rooftop solar systems in India.
◾ ADB approves $200 million loan to expand metro rail corridors and improve transport connectivity in Nagpur.
◾ ADB sold $5 billion dual-tranche 3- and 10-year Global Benchmark Bonds.
◾ Mio Oka was appointed as the new Country Director for India at ADB.
◾ ADB raised ₹12.5 billion through its largest local currency green bond issue, listed on the Luxembourg Stock Exchange.
◾ ADB pledged USD 23.6 billion from its resources in 2023 for sustainable development in Asia and the Pacific.
✅ Also Read Loans and Grants in News by Multilateral Development Banks.
◾ ADB released ‘Aging Well in Asia: Asian Development Policy Report’.
◾ ADB’s 13th replenishment of the Asian Development Fund (ADF) will support grant operations during 2025–2028.
◾ ADB committed $2.6 billion in sovereign lending to India in 2023.
◾ ADB signed a USD 50 million commitment with Actis Asia Climate Transition (AACT) Fund to accelerate clean energy transition and address climate change impacts in Asia and the Pacific.
World Bank (WB)
◾ The Government of India and the World Bank have signed an agreement for the construction of the Green National Highway Corridors Project (GNHCP), covering a total length of 781 km across four states of India.
◾ The report titled “World Development Report 2024: The Middle-Income Trap” highlights that India is among 100 countries at risk of falling into the “middle-income trap,” released by the World Bank.
◾ The World Bank will fund the Uttar Pradesh (UP) government’s ₹4,000 crore agriculture business and entrepreneurship project aimed at helping rural income.
◾ World Bank approves a second round of $1.5 billion in financing to help India accelerate the development of low-carbon energy.
◾ World Bank Group’s new guarantee platform aims to boost annual guarantee issuance to $20 billion by 2030.
◾ India’s GDP growth rate in FY2024-25 is projected at 6.4% according to the World Bank’s Global Economic Prospects January 2024 report.
◾ World Bank announced a seven-year, $100 million principal-protected Plastic Waste Reduction-Linked Bond in Ghana and Indonesia.
◾ Sikkim INSPIRES (Integrated Service Provision and Innovation for Revising Economics) was launched in collaboration with the World Bank.
◾ World Bank announced a blended finance facility in collaboration with the Government of Goa.
◾ Wencai Zhang was appointed as Managing Director and Chief Administrative Officer of the World Bank Group.
◾ World Bank’s latest bi-annual South Asia Development Update – April 2024 forecasts India’s growth at 6.6% for FY25.
◾ Rakesh Mohan was appointed as a member of the Economic Advisory Panel by the World Bank Group.
◾ World Bank released a report titled ‘Women, Business and the Law 2024’.
◾ The World Bank and the Ministry of Electronics & Information Technology (MeitY) are developing a state-level Digital Public Infrastructure (DPI) adoption index.
◾ Haryana Clean Air Project for Sustainable Development (₹10,000 crore) is funded by the World Bank.
◾ World Bank to support Greater Chennai Corporation (GCC) in achieving sustainable waste management.
◾ The Global Gas Flaring Tracker Report 2024 by the World Bank reveals global gas flaring volumes rose by about 7% to 148 bcm in 2023.
◾ KisanKraft Limited joined the World Bank’s Water Resource Group (WRG)’s Low Methane Rice Project (LMRP) under UP-PRAGATI Accelerator programs to promote Direct Seeded Rice (DSR) in Uttar Pradesh.
◾ World Bank and the Ministry of Animal Husbandry, Fisheries, and Dairying conducted a two-day simulation exercise in Madhya Pradesh for avian influenza or Bird Flu preparedness.
◾ The Migration and Development Brief – June 2024 by the World Bank predicts growth in remittances to India will halve to 3.7% in 2024 from 7.5% in 2023.
◾ The Indus Waters Treaty between India and Pakistan was brokered by the World Bank; recently, a Pakistani delegation inspected power projects in Jammu’s Kishtwar under this treaty.
◾ Visakhapatnam Container Terminal Private Limited (VCTPL) is the only Indian port in the Top 20 rankings of the World Bank’s Container Port Performance Index (CPPI) 2023.
New Development Bank (NDB)
◾ New Development Bank (NDB) announced a $500 million loan to the Gujarat government for the development of rural roads.
International Monetary Fund (IMF)
◾ IMF’s ‘World Economic Outlook (WEO) Update’ raises India’s GDP growth projection for 2024-25 to 7 percent.
◾ Singapore tops the IMF’s Artificial Intelligence Preparedness Index (AIPI) Dashboard.
◾ India’s GDP growth rate in 2024 and 2025 is projected at 6.5% according to the IMF’s “World Economic Outlook Update January 2024”.
◾ Pakistan and the IMF have reached a staff-level agreement for US$1.1 billion in support of Pakistan’s stabilization program.
◾ Global growth is estimated at 3.2% in 2024 as per the IMF’s ‘World Economic Outlook’ report.
◾ IMF released the Global Financial Stability Report titled “The Last Mile: Financial Vulnerabilities and Risks.”
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