FM Arun Jaitley in Frankfurt for ADB meet

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SME Times News Bureau | 05 May, 2016
Finance Minister Arun Jaitley is in Frankfurt, Germany, on a day's official visit for the annual meeting of board of governors' of the Asian Development Bank (ADB).

"Mr Jaitley left for Frankfurt today morning to attend the ADB meet," a finance ministry spokesperson said on Wednesday.

Jaitley will attend the 49th annual meeting of the board of governors' of ADB.

"The finance minister would focus on the performance of Indian economy in the period of global slowdown. Cooperation with ADB in development will also be on his agenda," the ministry said in a statement.

Jaitley is also slated to hold meetings with Hans-Joachim Fuchtel of German federal ministry for economic cooperation and development; and Takeshi Kunibe, President and CEO, Sumitomo Mitsui Banking Corporation, during the trip.

He will also discuss the economic assistance packages from India to Bhutan, progress of work of hydropower projects funded by India and the sub-regional cooperation in his meeting with Bhutanese finance minister Lyonpo Namgay Dorji.

Jaitley will then participate in the CNBC debate on "Asian Economic Outlook-2016" along with other finance ministers of Indonesia, Pakistan, and ADB President Takehiko Nakao before returning to India on Thursday.

Though Asian Development Outlook 2016 predicts softening in the region's growth rates from 5.9 percent projected last year to 5.7 percent each in 2016-17, India is projected to grow at 7.6 percent in 2015-16 despite decline in exports and two consecutive unfavourable monsoons.