PIB Summary- 24th May, 2022 | PIB (Press Information Bureau) Summary - UPSC PDF Download

Investment Incentive Agreement

Why in News?
The Government of India and the Government of the United States of America has signed an Investment Incentive Agreement (IIA) at Tokyo, Japan.

About Investment Incentive Agreement

• The IIA was signed by Foreign Secretary, Government of India, and Chief Executive Officer, U.S. International Development Finance Corporation (DFC).
• This IIA supersedes the Investment Incentive Agreement signed between the Government of India and the Government of the United States of America in the year 1997.
• Significant developments have taken place since the signing of the earlier IIA in 1997 including the creation of a new agency called DFC, a development finance agency of Government of USA, as a successor agency of the erstwhile Overseas Private Investment Corporation (OPIC) after the enactment of a recent legislation of USA, the BUILD Act 2018.
• IIA has been signed, to keep pace with the additional investment support programmes, offered by the DFC, such as debt, equity investment, investment guaranty, investment insurance or reinsurance, feasibility studies for potential projects and grants.
• The Agreement is the legal requirement for DFC, to continue providing investment support in India.
• DFC or their predecessor agencies are active in India since 1974 and have so far provided investment support worth $5.8 billion of which $2.9 billion is still outstanding.
• Proposals worth $4 billion are under consideration by DFC for providing investment support in India.
• DFC has provided investment support in sectors that matter for development such as COVID-19 vaccine manufacturing, healthcare financing, renewable energy, SME financing, financial inclusion, infrastructure etc.

World Health Assembly

Why in News?
Union Minister of Health and Family Welfare addressed 75th session of World Health Assembly WHO HQ, Geneva.

World Health Organization (WHO)

• The World Health Organization (WHO) is a specialized agency of the United Nations responsible for international public health.
• It is headquartered in Geneva, Switzerland.
• Its main objective is ensuring “the attainment by all peoples of the highest possible level of health.”
• The WHO’s broad mandate includes advocating for universal healthcare, monitoring public health risks, coordinating responses to health emergencies, and promoting human health and well-being.
• The World Health Assembly (WHA), composed of representatives from all 194 member states, serves as the agency’s supreme decision-making body.

World Health Assembly (WHA)

• The World Health Assembly is the decision-making body of WHO.
• It is attended by delegations from all WHO Member States and focuses on a specific health agenda prepared by the Executive Board.
• The Health Assembly is held annually in Geneva, Switzerland (sometimes in special sessions).

The main functions of the World Health Assembly are:

• To determine the policies of the Organization
• Appoint the Director-General
• Supervise financial policies
• Review and approve the proposed programme budget.
• Reporting to the Economic and Social Council in accordance with any agreement between the Organization and the United Nations.

The Health Assembly is composed of delegates representing Member States.

• Each Member State is represented by not more than three delegates, one of whom is designated by the Member as chief delegate.
• These delegates are chosen from among persons most qualified by their technical competence in the field of health, preferably representing the national health administration of the Member.