New Delhi, Nov 11: During a meeting with the Asian Infrastructure Investment Bank (AIIB) delegation, India’s Finance Minister Nirmala Sitharaman advocated for broader AIIB investments in critical sectors like climate adaptation, infrastructure, energy security, and urban development. Stressing the importance of integrating “finance plus” and “budget plus” elements into AIIB projects, Sitharaman highlighted India’s leadership in digital public infrastructure and its potential as a model for digital transformation.
The AIIB Board, consisting of 11 directors from nine constituencies, visited India to gain insights into AIIB’s investment strategies and engaged with various stakeholders. Sitharaman commended AIIB’s growth over the past nine years and emphasized India’s commitment to aiding the transfer of sectoral best practices and technology across nations.
The Minister urged AIIB to enhance support for private capital mobilisation through innovative financial models, positioning India as a testing ground for such innovations. She also emphasized the importance of strengthening and reforming multilateral development banks (MDBs) per recommendations by the Independent Expert Group under India’s G20 Presidency. Key amongst these recommendations is the call for MDBs to collaborate for increased impact and reach.
Sitharaman reiterated India’s dedication to ensuring MDBs are equipped to tackle modern challenges and remain inclusive, especially concerning Low-Income Countries. Prior to the meeting, the AIIB delegation visited the Regional Rapid Transit System project, supported by AIIB, Asian Development Bank, and New Development Bank, followed by visits to project sites in Bengaluru.
In a roundtable with various agencies, discussions focused on India’s developmental priorities and investment landscape, aiming to foster information exchange and explore further collaboration opportunities. The AIIB Board’s visit underscores an ongoing commitment to addressing India’s and the region’s developmental challenges through strategic investments.
Original Story https://theshillongtimes.com/2024/11/11/aiib-must-extend-support-for-indias-nextgen-reforms-fm-sitharaman/
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Publish Date: 2024-11-11 21:24:00
