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FM participates in annual meeting of AIIB Governors
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SME Times News Bureau | 26 Oct, 2021
India's Finance and Corporate Affairs Minister Nirmala Sitharaman on
Tuesday participated in the 6th Annual Meeting of the Board of Governors
of the Asian Infrastructure Investment Bank (AIIB), via video
conference.
At their annual meeting, the Board of Governors take
key decisions on important matters relating to AIIB, and its future
vision. A founding member and the second largest shareholder in AIIB,
India also has one of the largest project portfolios within it.
This
year's meet has been jointly organised by AIIB and the United Arab
Emirates government on the theme of "Investing Today and Transforming
Tomorrow".
At the meeting, Sitharaman shared her thoughts in the
Governor's Roundtable Discussion on the theme "Covid-19 Crisis and
Post-Covid Support". In her intervention, she appreciated the AIIB's
prompt actions in providing financial support to member countries,
including India, in their efforts to contain and combat COVID-19.
She
said that the social protection and economic stimulus packages brought
out by the government, along with timely structural reforms in various
sectors, have been pivotal in India's economic recovery process. The
stimulus packages, including the credit guarantee scheme for micro
finance institutions, boosters for project exports through National
Export Insurance Account, additional subsidies for fertilisers, free
food grains for 800 million people under the Pradhan Mantri Garib Kalyan
Yojana, and several welfare schemes with a strong public health focus,
helped to effectively and efficiently boost the economy and protect
lives and livelihoods, especially of the poor and vulnerable, she said.
Sitharaman
also emphasised the government's successful drive to rapidly vaccinate
its citizens, administering over 1 billion vaccines - a milestone
achieved with the help of the strong scientific and technological
ecosystem in India.
She pointed out that the current crisis and
the looming climate crisis have reinforced the importance of
Multilateral Development Banks (MDBs) and the urgency for supplementing
country efforts with multilateral development finance. In this context,
she highlighted some of the expectations from the Bank, including the
need to explore investment opportunities in the creation and development
of assets in social infrastructure sectors; to further intensify
private sector capital mobilisation for inclusive and green development;
and to set up a Resident Board and Regional Offices to ensure
accountability, transparency and quality of operations and investments.
Sitharaman assured India's cooperation and support to the AIIB for its future endeavours as a leading financial institution.
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