FM Jaitley pitches for expanding capital base for World Bank

NEW DELHI: Finance Minister Arun Jaitley today pitched for expanding capital base of the World Bank so that the mutilateral funding institution can better cater to the development needs of emerging countries like India.

"FM (Arun Jaitley) stressed on the need for the World Bank to have a larger capital base, more activity and more projects," the Finance Ministry said in a late evening tweet.

Jaitley held a meeting with the Executive Directors of the World Bank here today.

During the meeting he suggested that the role of the World Bank Group could be expanded in areas like social sector- education, health, agriculture, development, small-scale industry etc.

India has been underlining the need for reforms in the World Bank with a view to according greater say to emerging economies in the activities of the multilateral lending agency.