Multilateral development banks should step up private capital mobilization for green and inclusive growth, says finance minister

NEW DELHI: Multilateral development banks like AIIB must step up private sector capital mobilization for inclusive and green development, Finance Minister Nirmala Sitharaman said on Tuesday.
Attending the sixth annual meeting of the Board of Governors of the Asian Infrastructure Investment Bank (AIIB), the minister also urged the multilateral bank to explore investment opportunities for the development of social infrastructure.
The coronavirus pandemic and the climate crisis, she said, have reinforced the importance of multilateral development banks (MDBs) and the urgency to complement countries’ efforts with multilateral development finance.
Assuring India’s cooperation and support to AIIB for its future efforts, she urged the Beijing-based lender to set up a resident council and regional offices to ensure accountability, transparency and quality of operations. and investments.
In his intervention at the governor’s roundtable on the theme of “the Covid-19 crisis and post-Covid support”, Sitharaman said that the social protection and economic recovery plans put in place by the Indian government as well as Timely structural reforms in various sectors have been essential in the process of India’s economic recovery.
The stimulus packages include the credit guarantee system for microfinance institutions, boosters for project exports through the national export insurance account, additional subsidies for fertilizers and free food grains for $ 800 million. of people under the Pradhan Mantri Garib Kalyan Yojana.
Several social protection programs with a strong focus on public health have also helped boost the economy effectively and efficiently and protect the lives and livelihoods, especially of poor and vulnerable people, the minister said.
She appreciated the AIIB’s swift actions to provide financial support to member countries, including India, in their efforts to contain and combat Covid, the finance ministry said in a statement.
Sitharaman mentioned the government’s successful campaign to rapidly vaccinate its citizens, administering over a billion vaccines, a step taken with the help of a strong science and technology ecosystem.
In addition, the Minister highlighted the Indian initiative “Vaccine Maitri”. As part of global health awareness, 70 million doses of Covid “Made in India” vaccines were delivered to 95 countries and United Nations entities, including nearly 20 million doses to 47 countries as part of the COVAX installation and over 12 million doses of vaccine as a grant to 47 countries and UN peacekeepers.
India, a founding member and second shareholder of the AIIB, also has one of the largest portfolios of projects within the bank.
At present, India holds 7.65% of the votes in the AIIB, while China has a whopping 26.63% stake in the organization established in 2016.
This year’s annual meeting was co-hosted by AIIB and the Government of the United Arab Emirates on the theme “Investing Today and Transforming Tomorrow”.

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