World Bank office, Chennai
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The World Bank Chennai is the extension of the
World Bank The World Bank is an international financial institution that provides loans and grants to the governments of low- and middle-income countries for the purpose of pursuing capital projects. The World Bank is the collective name for the Interna ...
headquartered in
Washington, DC ) , image_skyline = , image_caption = Clockwise from top left: the Washington Monument and Lincoln Memorial on the National Mall, United States Capitol, Logan Circle, Jefferson Memorial, White House, Adams Morgan ...
. The World Bank Chennai office offers corporate financial, accounting, administrative and IT services for the Bank's offices in around 150 countries. The Chennai office handles several value-added operations of the bank that were earlier handled only in its Washington, DC office.


History

The Chennai office started its business operation as a primary processing work, including payroll processing, in August 2001 with 80 staff. On 15 March 2002, then
chief minister of Tamil Nadu The chief minister of Tamil Nadu is the chief executive of the Indian state of Tamil Nadu. In accordance with the Constitution of India, the governor is a state's ''de jure'' head, but ''de facto'' executive authority rests with th ...
,
J. Jayalalithaa Jayaram Jayalalithaa (24 February 1948 – 5 December 2016) was an Indian politician and actress who served as Chief Minister of Tamil Nadu for more than fourteen years over six terms between 1991 and 2016. From 9 February 1989 to 5 December 2 ...
, inaugurated a new 26,000 sq ft office in Raheja Towers in
Anna Salai Anna Salai (), formerly known as St. Thomas Mount Road or simply Mount Road, is an arterial road in Chennai, India. It starts at the Cooum Creek, south of Fort St George, leading in a south-westerly direction towards St. Thomas Mount, and end ...
, where the bank started functioning in a full-fledged manner to process all of the bank's accounting functions and its global payrolls, with about 90 personnel. The same year, the staff strength increased to about 180. In 2003, the bank decided to move the analytical work in bond valuation to the Chennai office, whereby the bank moved the work outside its headquarters in Washington, DC for the first time in its history. The size of the bank's commercial bonds portfolio is estimated at US$100 billion. On 22 September 2006, the bank moved to a leased premises in
Taramani Tharamani is an area in the south Indian city of Chennai. It is known for the presence of the city's first IT parks and numerous government educational and research institutions. It is located adjacent to the posh residential area of Adyar an ...
, which was inaugurated by the then chief minister of Tamil Nadu,
M. Karunanidhi Muthuvel Karunanidhi (3 June 1924 – 7 August 2018) was an Indian writer and politician who served as Chief Minister of Tamil Nadu for almost two decades over five terms between 1969 and 2011. He was popularly referred to as Kalaignar (Art ...
. In 2009, the bank decided to purchase the land it took on lease, in order to set up a permanent back office in Chennai. By 2012, the staff strength grew to 500. On 13 December 2021, the bank celebrated the 20th year of its presence in Chennai. The staff strength of the Chennai office grew as follows:


Operations

The World Bank Chennai office building is located in
Taramani Tharamani is an area in the south Indian city of Chennai. It is known for the presence of the city's first IT parks and numerous government educational and research institutions. It is located adjacent to the posh residential area of Adyar an ...
on a 3.5-acre campus off the
IT corridor State Highway 49A (SH-49A) also known as Rajiv Gandhi Salai and Rajiv Gandhi IT Expressway or just IT Expressway is a major road connecting Chennai, Tamil Nadu with Mahabalipuram in Chengalpattu district, Tamil Nadu. It is 45 km long and ...
and has 120,000 sq feet built-up area with a capacity to house about 450 staff members. The building is certified as a
LEED Silver Leadership in Energy and Environmental Design (LEED) is a green building certification program used worldwide. Developed by the non-profit U.S. Green Building Council (USGBC), it includes a set of rating systems for the design, construction ...
building. The Taramani office, measuring 128,000 sq ft area, is the largest bank-owned building outside its headquarters in Washington, DC. Most of the administrative expense and trust fund transactions for the Bank, which range between US$1 billion and US$2 billion a year, are processed in the Chennai office. When the bank commenced its Chennai operations, it was primarily restricted to processing. An analysis component was added later.


See also

*
Economy of Chennai Chennai, the capital city of the state of Tamil Nadu, India, is the largest industrial and commercial center of South India. Recent estimates of the economy of the Chennai Metropolitan Area is around US$ 78.6-86 billion, $200 billion with indus ...


References


External links


Official website
{{authority control Carbon finance International economic organizations United Nations Development Group World Bank