World Bank Chief hopes for 'stronger' EU after Brexit
The president of the World Bank has said India has shown resilience in the situation created by Britain's decision to leave the EU, but it will be affected "if there are more events creating more uncertainty".
Jim Yong Kim said the Brexit vote has caused a shortage of capital for developing nations like India and money is flowing into safe havens like gold and US treasury bills.
Urging countries to embrace multilateralism and multilateral institutions, he said he is a very strong believer in multilateralism, and the European Union is one of the greatest examples of an attempt to achieve that.
"That's my very strong belief as president of the World Bank Group. And so what I hope is that the European Union will come out of this stronger," he said.
On a visit to India, he met with PM Narendra Modi and signed an agreement with the Indian-led International Solar Alliance to boost solar energy in developing countries by mobilising 1 trillion US dollars (£800 billion) in investments by 2030.
A statement by the group said the agreement establishes the World Bank as a financial partner of the alliance. The agreement was signed by Mr Kim and Indian power minister Piyush Goyal.
The alliance was launched by India and France at the UN Climate Change Conference in Paris last November and includes about 120 countries that support the promotion of solar energy.
As part of the agreement, the World Bank will work with other multilateral development banks and financial institutions to develop financing for solar energy development, the World Bank said.
"India's plans to virtually triple the share of renewable energy by 2030 will both transform the country's energy supply and have far-reaching global implications in the fight against climate change," Mr Kim added.
