For its proposed Global Infrastructure Facility (GIF) that will finance core projects in emerging economies like India, the World Bank is expected to finalise the GIF’s shape by next April, says an official in India’s Finance Ministry.
The official added that the spring meeting of the World Bank in April will discuss the design the GIF. The facility will help finance needs of infrastructure deficit nations. The World Bank made a presentation to Finance Minister P Chidambaram in October on the proposed GIF.
It is said that by October 2014 the final proposal of GIF would be prepared which will be considered by the board of the multilateral institution in its annual meeting. India had earlier this year approached the World Bank to set up the GIF to help finance about $1 trillion investment needed for infrastructure projects during the 12th Five Year Plan (2012-17).
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