New Delhi, Dec 20 (IANS): World Bank Group President Ajay Banga told Finance Minister Nirmala Sitharaman at a meeting here on Wednesday that the multilateral financial institution has set up a task force team to study the recommendations made by the Independent Experts Group, prepared under India's G20 Presidency.

He said that the World Bank has identified eight unique global challenges to focus on in the next few years as they affect many countries and require attention.

Sitharaman expressed India's support for the move, according to a Finance Ministry statement.

Sitharaman also stressed that the Country Climate and Development Report exercise of the World Bank should take into account the country's priorities and circumstances.

She highlighted the need for the World Bank to explore the possibility of a coordinated approach in implementation of the projects with special emphasis on Finance Plus/Budget Plus elements in projects funded by the World Bank.

The Finance Minister stated that the World Bank should take the lead in advancing recommendations contained in the Volume-I Triple Agenda and the recommendations that MDBs (multilateral development banks) must be bigger, better and bolder as contained in the Volume-II, of the reports of the G20 Independent Experts Group, prepared under India's Presidency, and added that other MDBs look up to the World Bank for such reform initiatives.