India emerges seventh largest shareholder of World Bank Group
27 Apr 2010
India has emerged the seventh largest shareholder of the World Bank ahead of Russia, Canada, Australia, Italy and Saudi Arabia after the 186 member countries of the World Bank Group endorsed boosting its capital by more than $86 billion and giving developing countries more influence in the working of the multilateral lender.
India's voting power has gone up to 2.91 per cent from 2.77 per cent, reversing a declining trend since the 1970s.
The decisions taken by the policymaking Development Committee of the World Bank on Sunday would make India one of the important shareholders in the Bank with the 7th largest voting rights ahead of Russia, Canada, Australia, Italy and Saudi Arabia.
China's share has soared to 4.42 per cent from 2.77 per cent and it is the third largest shareholder, ahead of Germany.
These changes reflect the growing clout of the emerging economies and rising economic weight in global affairs.
Developing countries as a whole got a 3.13 per cent increase in overall vote share, taking their total vote share to 47.19 per cent.