India 2018

240 India 2018
largest portfolio exposure globally. IFC has committed over US$15 billion in
India since 1958. The IFC's investments in India are spread across important
sectors like infrastructure, manufacturing, financial markets, agribusiness, SMEs
and renewable energy. Keeping in alignment with the Country Partnership
Strategy (CPS) of the World Bank Group in India, IFC focuses on low-income
states in India.
New Development Bank
The New Development Bank (NDB) has been instituted with a vision to support
and foster infrastructure and sustainable development initiatives in emerging
economies. The founding members of the NDB - Brazil, Russia, India, China
and South Africa (BRICS) - have brought in capital of USD 1 billion as initial
contribution.The New Development Bank (NDB) has completed two years since
its establishment in 2015.
Asian Infrastructure Investment Bank
Asian Infrastructure Investment Bank (AIIB) is a Multilateral Development Bank
(MDB) set up in 2016 to foster sustainable economic development, create
productive assets and improve infrastructure in Asia through financing of
infrastructure projects. India is one of the founding Members and the second
largest shareholder. India along with 20 other countries signed the Inter-
Governmental Memorandum of Understanding (MoU) for establishing the AIIB
in Beijing.
International Fund for Agricultural Development
International Fund for Agricultural Development (IFAD) was set up in 1977 as
the 13th specialized agency of the United Nations. It is dedicated to eradicating
poverty and hunger in rural areas of developing countries. 176 countries are
members of the IFAD, and these are grouped into three countries, comprising
List - A: Developed Countries, List - B: Oil Producing Countries and List - C:
Developing Countries. India is in List - C. India is one of the founder members
of International Fund for Agricultural Development (IFAD), and has so far
contributed US$ 147.0 million towards IFAD's resources. India has pledged to
contribute an amount of US$ 37 million to the 10th Replenishment Cycle of
IFAD (during 2016-18).
Global Environment Facility
The Global Environment Facility (GEF) operates as a mechanism for
international cooperation for the purpose of providing new and additional grant
and concessional funding to meet the agreed incremental costs of measures to
achieve agreed global environmental benefits. GEF provides grants to eligible
countries in its five focal areas: biodiversity, climate change, land degradation,
international waters, chemicals and waste. It also serves as financial mechanism
for the Convention on Biological Diversity (CBD), United Nations Framework
Convention on Climate Change (UNFCCC), Stockholm Convention on
Persistent Organic Pollutants (POPs), UN Convention to Combat Desertification