India will retain its position as the world's top recipient of remittances this year with the Indian community sending a whopping USD 80 billion back home, the World Bank said in a report on Saturday. India is followed by China (USD 67 billion), Mexico and the Philippines (USD 34 billion each) and Egypt (USD 26 billion), according to the global lender.

Asian Development Bank (ADB) on Thursday said it has entered into an arrangement with the World Bank to put in place a single framework that will make co-financed projects more efficient. ADB's first Alternative Procurement Arrangement (APA) with the World Bank will allow procedures on co-financed projects to follow a single procurement framework, it said in a statement.

The World Bank unveiled USD 200 billion in climate action investment for 2021-25, adding this amounts to a doubling of its current five-year funding. The World Bank said the move, coinciding with a UN climate summit meeting of some 200 nations in Poland, represented a "significantly ramped up ambition" to tackle climate change, "sending an-important-signal to the wider global community to do the same".