India to contribute to World Bank financing facility

ISTANBUL/NEW DELHI: India will soon contribute to a World Bank financing facility to promote development in developing countries through exchange of expertise in areas like poverty alleviation, information technology and targeted subsidies.

"I am happy to announce that India will be an active partner and will soon be making a contribution to this (South-South Experience Exchange) Facility," Finance Minister Pranab Mukherjee said at an event, Innovative Development: South-South Opportunity, ahead of the annual IMF-World Bank meetings in Istanbul.

Last year, the World Bank Group launched South-South Experience Exchange Facility to promote the idea that the development successes in one country can pull people out of poverty in another.

Mukherjee said while India's experience in social and economic programs like NREGA, poverty alleviation, IT and telecom sector could help other developing countries to face and overcome developmental challenges, the country itself has much to learn from the experiences of other nations as well in the areas of subsidy and environmental issues.

-PTI