India 2018

Finance 239
expected to boost Indian export of goods and services to hitherto untapped
markets and successfully showcase India's expertise in project planning, design
and implementation in diverse areas of socio-economic development such as
power, irrigation, agriculture, transport etc. The Government of India has been
extending Lines of Credit to Africa and other developing countries under the
Indian Development and Economic Assistance Scheme (IDEAS) since 2005-06.
Under the extant Scheme, Ministry of External Affairs selects specific projects
keeping in view diplomatic considerations and requests received from various
developing countries.
International Monetary Fund
India is a founder member of the International Monetary Fund (IMF) which
was established to promote a cooperative and stable global monetary
framework. At present, 188 nations are members of the IMF. Since the IMF was
established, its purposes have remained unchanged but its operations - which
involve surveillance, financial assistance and technical assistance - have
developed to meet the changing needs of its member countries in an evolving
world economy. The Board of Governors of the IMF consists of one Governor
and one Alternate Governor from each member country. For India, the Finance
Minister is the ex-officio Governor on the Board of Governors of the IMF. There
are three other countries in India's constituency at the IMF, viz. Bangladesh,
Bhutan and Sri Lanka. Governor, Reserve Bank of India (RBI) is India's Alternate
Governor.
South Asia Regional Training and Technical Assistance Centre
A Memorandum of Understanding was signed between India and International
Monetary Fund for setting up of South Asia Regional Training and Technical
Assistance Center (SARTTAC) in India by the International Monetary Fund in
2016. SARTTAC will serve six member countries of Bangladesh, Bhutan, India,
Maldives, Nepal and Sri Lanka.
World Bank
India has been borrowing from the World Bank through International Bank for
Reconstruction and Development (IBRD) and International Development
Association (lDA) for various development projects in the areas of poverty
reduction, infrastructure, rural development, etc. IDA funds were one of the
most concessional external loans for Government of India and were used largely
in social sector projects that contribute to the achievement of Millennium
Development Goals. However, India has graduated from IDA.
International Finance Corporation
International Finance Corporation (lFC), a member of the World Bank Group,
focuses exclusively on investing in the private sector in developing countries.
Established in 1956, IFC has 184 members. India is founding member of IFC.
IFC is an important development partner for India with its operations of
financing and advising the private sector in the country. India represents IFC's