UPDATE: Finance Minister Urges Asian Infrastructure Bank To Support Development



Finance Minister Nirmala Sitharaman has called for private sector capital mobilisation

Finance Minister Nirmala Sitharaman said on Tuesday that Asian Infrastructure Investment Bank (AIIB) and similar institutions should enhance private sector capital mobilisation, which would help in inclusive development.

Taking part in the sixth annual meeting of the board of governors of AIIB, the finance minister said that it should look for investment opportunities for developing social infrastructure.

The significance of multilateral development banks have been understood after the Coronavirus pandemic erupted, Ms Sitharaman said, adding that multilateral development finance has an important role to play in the current scenario.

Assuring India’s cooperation and support to AIIB for its future endeavours, she urged the Beijing-based lender to set up a Resident Board and Regional Offices to ensure accountability, transparency and quality of operations and investments.

During her intervention in the governor’s round table discussion on the theme of “Covid-19 Crisis and Post-Covid Support”, Ms Sitharaman said that the social and economic stimulus  packages given by the government in India along with various other reforms, led to the economic recovery in the country.

Listing the various measures taken by the government during the pandemic to provide relief to the people, the finance minister said that the schemes boosted the economy and protected livelihoods of the poor and vulnerable sections of the society.

She appreciated AIIB’s prompt actions in providing financial support to member countries, including India, in their efforts to contain and combat the pandemic, the finance ministry said in a statement.

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