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The WB offer comes at a time when, according to official figures, there is a sudden upswing in foreign interest in universities in Kerala.
India received $120 billion in remittances in 2023
The CAG report revealed that 48.8% of the foreign assistance received for RBK during 2019-20 and 2021-22 was released by the govt for various reconstruction works.
While Rs 2,100 crore will be borrowed from the World Bank as a loan, the remaining Rs 900 crore will come from the government's coffers.
Cash-strapped Sri Lanka is currently struggling with the worst economic crisis in history.
This financing complements the World Bank's earlier investment of $125 million and the overall support of the two projects is expected to protect nearly 5 million people from the impacts of floods
The assurance was given to the Kerala CM when he met Anna Bjerde, the Managing Director (operations) of the World Bank, at Washington DC, a statement issued by his office said.
World Bank VP for South Asia, Martin Raiser, discussed Kerala's plans to achieve carbon neutrality by 2050.
Banga is the first-ever Indian-American and Sikh-American to head either of the two top international financial institutions: the International Monetary Fund and the World Bank.
Raised in India but now a US citizen, Banga currently serves as vice chair of General Atlantic, a US private equity firm. He retired in December 2021 after 12 years at the helm of Mastercard Inc.
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