The World Bank’s Board of Executive Directors Friday approved $1.5 billion financing to India to support their structural reforms aimed to boost private sector-led job creation and economic growth, it said in a statement.

It added that the financing, being provided under the Development Policy Financing (DPF) Operation, can create job opportunities for 11 million youth who would be entering the labour market every year over the next two decades.

The World Bank’s Development Policy Financing (DPF) seeks to rapidly disburse financing to help a borrower country address existing or anticipated development financing requirements.

It added the current financing is also aligned with the Country Partnership Framework (CPF) it has with with India for a five-year period until 2031.

Explaining India’s progress with the underlined objectives, the statement held, “The DPF Operation builds on many structural reforms undertaken or initiated in recent years, including tax simplification, trade integration, and legislative and regulatory reforms to improve ease of living and the ease of doing business.”