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India to contribute to WB facility for developing nations

India will soon contribute to a World Bank financing facility to promote development in developing countries through exchange of expertise in areas like poverty alleviation, information technology and targeted subsidies.

world Updated: Oct 05, 2009 16:01 IST

India will soon contribute to a World Bank financing facility to promote development in developing countries through exchange of expertise in areas like poverty alleviation, information technology and targeted subsidies.

"I am happy to announce that India will be an active partner and will soon be making a contribution to this (South-South Experience Exchange) Facility," Finance Minister Pranab Mukherjee said at an event, Innovative Development: South-South Opportunity, last night ahead of the annual IMF-World Bank meetings in Istanbul.

Last year, the World Bank Group launched South-South Experience Exchange Facility to promote the idea that the development sucesses in one country can pull people out of poverty in another.

Mukherjee said while India's experience in social and economic programmes like NAREGA, poverty alleviation, IT and telecom sector could help other developing countries to face and overcome developmental challenges, the country itself has much to learn from the experiences of other nations as well in the areas of subsidy and environmental issues.

The Finance Minister is in the Turkish city to participate in a two-day annual IMF-World Bank meeting beginning on Tuesday.