The World Bank is an international financial institution that provides loans to countries of the world for capital projects. It comprises two institutions:
- The International Bank for Reconstruction and Development (IBRD), and
- The International Development Association (IDA).
The World Bank’s stated goal is the reduction of poverty which its Articles of Agreement define as commitments to the promotion of foreign investment and international trade and to the facilitation of capital investment.
A Loan Agreement for IBRD credit of US$ 125 (equivalent) for the “Innovate in India for Inclusiveness Project” was signed with the World Bank on 24th April, 2018 in New Delhi. The Loan Agreement was signed by Mr. Sameer Kumar Khare, Joint Secretary, Department of Economic Affairs on behalf of Government of India and Mr. Hisham Abdo, Acting Country Director, World Bank (India) on behalf of the World Bank.
The Objectives of the project is to nurture indigenous innovation, foster local product development and accelerate commercialization process by bridging critical skill and infrastructure gaps to promote affordable and innovative healthcare products generation for inclusive development and increasing competitiveness in India. The project would support consortia of public, private, and the academic institutions to overcome the key market failures currently holding back the development of an innovative biopharmaceutical and medical devices industry in India.
The project consists of the following parts:
(i) Strengthening of pilot-to market innovation ecosystem
(ii) Acceleration of the pilot –to-market process for specific products and
(iii) Project Management and monitoring & Evaluation.
The closing date of Innovate in India for Inclusiveness project is 30 June, 2023. (Data compiled from PIB)