"This is one of the great stories in human history, frankly,” Kim told reporters at the start of the annual meetings of the International Monetary Fund and the World Bank.
Kim told a media conference call that members would discuss the issue at the World Bank and International Monetary Fund meetings next week, where he will also roll out a new initiative to encourage more investment in human capital and education.
The memorandum of understanding signed at the World Bank and International Monetary Fund spring meetings in Washington comes a year after the two multilateral lenders established mechanisms for cost-sharing and co-financing of investment projects.
Lauding Narendra Modi for demonetisation and Swachh Bharat mission, Jim said the Prime Minister needs to accelerate things quickly in educational outcomes so that India as it marches on its fast pace growth can compete in the "economy of future".
World Bank President Jim Yong Kim told journalists that free trade and more openness were "critical for the future of the world."
In an encouraging sign, the World Bank today projected a global growth of 2.7 per cent in 2017, even as it observed that stagnant global trade, subdued investment and heightened policy uncertainty marked another difficult year for the world economy.
WASHINGTON (Reuters) - The World Bank said on Thursday that 48 governments have ratcheted up the fight against extreme poverty by committing USD75 billion in new funds to the International Development Association, the bank's fund for the poorest countries.
External Affairs Ministry Spokesperson Vikas Swarup said India remains fully conscious of its international obligations and is ready to engage in further consultations on the matter of resolving current differences regarding these two projects.
Bangladesh has been one of the worst victims of global warming, with thousands of people being killed by cyclones in recent years that have become more frequent and deadlier.
"The uncertainty for us is really an issue, because it impacts directly on economies of developing countries, and almost always negatively," Kim said on "Squawk on the Street" from the sidelines of the World Bank/International Monetary Fund meeting in Washington.
In his meeting with World Bank President Jim Yong Kim, Jaitley acknowledged the long-standing and mutually beneficial relationship between the World Bank Group and India since its inception and called on the Bank to work together with the member countries to explore innovative financing solutions.
The board of the World Bank has unanimously agreed to name Jim Yong Kim to a second term as president, the global lender announced today.
The bank's executive board yesterday said that nominations have now closed. It said Kim will be interviewed by the board, with the expectation that a decision will be made before the Washington-based bank's annual meeting on October 7-9.
Kim, who became the 12th President of the World Bank Group on July 1, 2012 is a physician and anthropologist, who dedicated himself to international development for more than two decades, helping to improve the lives of under-served populations worldwide.
Jim Yong Kim's bid to remain as president comes in the face a rare public rebuke from the Bank's rank-and-file, who earlier this month declared that the institution faced a "crisis of leadership."
Kim, a global public health expert and former Dartmouth College president, notified the board of his intention to continue in the bank's top job after his current term ends on June 30, 2017, the bank said.
India under Prime Minister Narendra Modi's leadership has been fantastic, says World Bank President Jim Yong Kim calling himself a "big fan" of Modi who like great leaders sets ambitious targets and deadlines.
Describing Raghuram Rajan as a "great" central bank governor, World Bank President Jim Yong Kim on June 30 said he has been told by the Indian leadership that Reserve Bank will continue to have an independent head
"India is the world's fastest-growing economy and also home to 26 percent of the global extreme poor. This means India has a great opportunity to make strong and sustained inroads to reducing poverty and helping lead the world in ending extreme poverty by 2030," Kim had said in the statement.
Power Minister Piyush Goyal said he will seek low-cost and long-term finance for clean energy projects in his meeting with World Bank chief Jim Yong Kim on June 29
World Bank President Jim Yong Kim will arrive on June 28 for a two-day visit to explore knowledge and financing opportunities, as also to understand India's efforts on renewable energy and nutrition
There's been a lot of talk around whether or not Britons will vote to stay in the European Union. Brexit, as it is called, will have repercussions on the UK, the EU as well as emerging markets like India. The referendum is set for June 23. Here is a look at how it would play out and what impact, if any, it would have on countries and currencies.
Jim Yong Kim said the World Bank has slashed its forecast of global growth this year to 2.5 percent from 2.9 percent.
The funding will go to facilities, scholarships and other needs mainly in sub-Saharan Africa and South Asia where a large percent of girls aged 12-17 do not go to school.
The two development banks signed off on a framework for working together on infrastructure programs over the coming year which will give the World Bank some crucial oversight on how projects are planned and implemented.