Recent Current Affairs related to World Bank

Pakistan has been named the incoming chair of the Boards of Governors of the International Monetary Fund (IMF) and the World Bank Group for 2027, during their annual meetings held in Bangkok, Thailand.

Ahad Khan Cheema, the World Bank Governor from Pakistan, was designated as the incoming chair.

According to the International Monetary Fund (IMF), India’s growth forecast for FY27 has been raised to 7% from the earlier 6.4%. The IMF also revised its growth forecast for FY28 upward to 7% from 6.7%.

The World Bank has backed the proposal of the Kerala government to set up a Carbon Credit Cell under the Department of Agriculture.

The cell is established as a part of the ₹2,365 crore Kerala Climate Resilient Agri-Value Chain Modernisation (KERA) Project to promote climate-friendly farming practices and provide additional income opportunities for farmers.

According to a report by the World Bank (WB), the GDP growth of India for FY27 is revised upwards to 7.1% from the earlier projection of 6.6%.

Additionally, the WB projects the GDP growth of India at 7.2% for FY28 and 7% for FY29.

The PM Skilling and Employability Transformation through Upgraded ITIs (PM-SETU), a flagship initiative of the Ministry of Skill Development and Entrepreneurship (MSDE), has successfully completed its first year of implementation.

The initiative was launched in 2025, with a total budgetary outlay of ₹60,000 crore. A total of 850 Industrial Training Institutes (ITIs) have been identified under the scheme, which includes 172 Hub ITIs and 678 Spoke ITIs.

The Jawaharlal Nehru Port Authority (JNPA) has signed an agreement in New Delhi with the International Finance Corporation (IFC), a member of the World Bank Group, for the first blue financing loan in India worth $70 million (₹672 crore).

The loan is structured as a 10-year United States Dollar (USD)-linked External Commercial Borrowing (ECB). The funds will be utilized to develop Shore Power Supply (SPS) infrastructure across the terminals of the JNPA in Navi Mumbai, Maharashtra.

Yuko Keicho, a Japanese national, has been appointed as the Vice President and Auditor General of the World Bank Group (WBG). She succeeds Amy Doherty.

The World Bank has approved a financing package of $890 million for India's rooftop solar programme.

This financing is intended to support the implementation of the “PM Surya Ghar: Muft Bijli Yojana”, which aims to install rooftop solar systems in 10 million rural and urban households across India. Additionally, the World Bank will facilitate the mobilization of $4.2 billion in private financing through commercial loans to support households in installing these systems.

The Delhi government has announced the "Clean Air, Healthy Delhi" programme with an outlay of ₹8,300 crore to mitigate air pollution in the national capital. The project will be implemented with the support of the World Bank.

The World Bank has approved $1.5 billion (₹14,300 crore) in financing to support India's structural reforms aimed at accelerating private sector-led job creation.

This funding is provided under the 'Boosting Job Creation in the Private Sector Development Policy Financing (DPF) Operation'. The initiative aims to generate quality employment opportunities for the 11 million young individuals who enter the Indian workforce annually.

The World Bank has approved a loan of ₹4,000 crore for the “Jal Sanrakshit Haryana” (Water Secure Haryana) project, which has an outlay of ₹5,714 crore. The project aims to resolve the groundwater crisis and ensure water sustainability in the state.

It will be implemented in phases over a 6-year period (2026-2032) and will cover 15 clusters across 48.94 lakh acres.

According to the “Global Economic Prospects” (GEP) report released by the World Bank (WB) in June 2026, the economic growth projection of India for FY27 has been raised to 6.6%, a 10 basis points (bps) increase from the previous forecast of 6.5%.

The GDP of India is projected to grow by 6.6% in FY27, moderating from an estimated 7.7% in FY26, and is expected to accelerate to 7.2% in FY28.

The International Finance Corporation (IFC), an arm of the World Bank Group, along with global investors, has committed $105 million to Hygenco Green Energies Pvt Ltd to accelerate green hydrogen development in India.

This marks the first direct green hydrogen investment in India for the IFC, Siemens, and Fullerton. The total funding includes $50 million from the IFC, $25 million from Siemens, and up to $30 million from Fullerton.

Neelkanth Mishra has been appointed as the Executive Director at the World Bank for a tenure of 3 years. He succeeds Parameswaran Iyer.

The Bihar government has approved a $500 million (around ₹4,750 crore) loan from the World Bank (WB) for the ‘Bihar Urban Transformation Programme’. The state cabinet has also sanctioned the transfer of 1.85 acres of land and authorized enhanced subsidy support under the PM Electric (e)-Bus Sewa for the operation of 400 electric AC buses.

Furthermore, ₹15,967.03 crore was sanctioned for the monitoring and maintenance of roads using AI based technologies.

The National Health Authority (NHA) has concluded the “Chintan Shivir 2026” to review the Ayushman Bharat PM Jan Arogya Yojana (AB PM-JAY) and the Ayushman Bharat Digital Mission (ABDM) to enhance digital healthcare. During the event, the NHA presented 18 awards under AB PM-JAY and 5 awards under ABDM to recognize the performance of States and Union Territories (UTs). Key winners for digital adoption under the mission included Ladakh, Uttar Pradesh, Rajasthan, AIIMS Bhopal, and Tripura.

The event highlighted the National Health Claims Exchange (NHCX) as a unified and standardized health claims ecosystem. A framework designed by the World Bank, named the “ABDM Adoption Index”, was also introduced to track the progress of states. Furthermore, a new regulatory requirement for mandatory integration of the Hospital Management Information System (HMIS) was established to connect hospital systems with the ABDM.

The World Bank Group (WBG) has launched a global platform named ‘Water Forward’ in collaboration with multilateral development banks and development finance institutions. The initiative aims to enhance water security for 1 billion people by 2030.

It is to be noted that the WBG aims to provide water security to 400 million individuals, while the commitments from the other partners will cover the remaining 600 million people to reach the collective target.

The World Bank has approved a $225 million (₹2,080 crore) loan for the Rajasthan Highway Modernisation Project to improve the efficiency, resilience, and safety of state highways.

The loan, provided by the International Bank for Reconstruction and Development (IBRD), features a 35-year maturity period and a 5-year grace period. It is to be noted that the financial package includes the first Step-Up Loan (SuL) of India to support the modernization of the road network of the state.

According to the report “South Asia Economic (SAE) Economic Update April, 2026: Working with Industrial Policy” released by the World Bank (WB), the GDP growth of India for FY27 is revised upwards to 6.6% from the earlier projection of 6.3%.