The World Bank said it is ready to commit $15-18 billion to support India over the next three years, even as its president endorsed the business model of Gujarat, the state that Narendra Modi ruled for over a decade before he became the Prime Minister in May. The multilateral financial institution also welcomed the formation of the New Development Bank by the BRICS group of emerging economies — Brazil, Russia, India, China and South Africa. It said the initiative would support their infrastructure financing requirements.

“On the public side of operations we can provide India with between $15-18 billion, and on the private side of things, a minimum of $3.5 billion,” World Bank Group president Jim Yong Kim said after a meeting with Modi. Kim was in India on a three-day visit to learn more about the new government’s development priorities. In a statement, Modi said the two sides discussed several ways of working together.

“Rather than dollars, we are more interested in knowledge and expertise of World Bank. Dr Kim agreed and said World Bank can be our information bank, “the PM tweeted later. “We want ideas from the World Bank, not only on mass production but also on production by masses, which will benefit our workforce.“

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