What is Global Infrastructure Facility (GIF) ?

Defination:

  • GIF is the new global service launched by the World Bank on 9 October 2014 which aims at mobilising the private sector to help tackle the massive infrastructure deficit facing developing countries,
  • It was launched by World Bank President Jim Yong Kim at Washington D.C. 
  • This facility basically aims to ensure that billions of dollars are channelised to develop world-class infrastructure in emerging markets like India and developing economies. 
  • Through GIF, the World Bank plans to work with regional banks and financial entities like Asian Development Bank (ADB), the New Development Bank (NDB) of BRICS countries and the proposed Asian Infrastructure Investment Bank (AIIB).