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Finance Minister urges Asian Infrastructure Bank to support development

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Finance Minister Nirmala Sitharaman has called for raising private sector capital

Finance Minister Nirmala Sitharaman on Tuesday said the Asian Infrastructure Investment Bank (AIIB) and similar institutions should raise private sector capital, which will help in inclusive growth.

Participating in the sixth annual meeting of the Board of Governors of AIIB, the Finance Minister said that it should explore investment opportunities for the development of social infrastructure.

Ms Sitharaman said that the importance of multilateral development banks has been understood post the coronavirus pandemic, multilateral development finance has an important role to play in the current scenario.

Assuring India’s cooperation and support to AIIB for future endeavours, he 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 roundtable discussion on the topic of “Covid-19 crisis and post-Covid support”, Ms Sitharaman said that along with the social and economic stimulus packages given by the government in India, there were several other reforms. economic reforms in the country.

Listing out 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 the livelihood of the poor and vulnerable sections of the society.

The Finance Ministry said in a statement, it appreciated the prompt action of AIIB in providing financial assistance to member countries including India in their efforts to contain and combat the pandemic.

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