The World Bank had cleared a $1 billion assistance to India for social protection.The support for social protection will be funded in two phases– an allocation of $750 million before the end of June a $250 million second tranche by June, 2021.

In the first phase, the funding is meant to support Pradhan Mantri Garib Kalyan Yojana will help scale up the public distribution system and direct benefit transfer apart from supporting other initiatives such as social protection for workers engaged in the fight against Covid19.
                                      LEARNING WITH TIMES

WORLD BANK: Since inception in 1944, the World Bank has expanded from a single institution to a closely associated group of five development institutions. It evolved from the International Bank for Reconstruction and Development (IBRD) as facilitator of post-war reconstruction and development to the present-day mandate of worldwide poverty alleviation in close coordination with its affiliate, the International Development Association (IDA), and other members of the World Bank Group, the International Finance Corporation (IFC), the Multilateral Guarantee Agency (MIGA), and theI nternational Centre for the Settlement of Investment Disputes (ICSID). The World Bank Group is headquartered in Washington, D.C. W. Reconstruction remains an important part of WB work. However, at today’s World Bank, poverty reduction through an inclusive and sustainable globalization remains the overarching goal.

The World Bank Group five institutions are managed by their member countries.

The IBRD lends to governments of middle-income and creditworthy low-income countries.

The IDA provides interest-free loans—called credits— and grants to governments of the poorest countries.

The IFC , a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector.It help developing countries achieve sustainable growth by financing investment, mobilizing capital in international financial markets, and providing advisory services to businesses and governments.

The MIGA was created in 1988 as a member of the World Bank Group to promote foreign direct investment into developing countries to support economic growth, reduce poverty, and improve people’s lives. MIGA fulfills this mandate by offering political risk insurance (guarantees) to investors and lenders.The ICSID provides international facilities for conciliation and arbitration of investment disputes.

David Malpass , is the current President of World Bank Group.