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Finance Minister Nirmala Sitharaman attends 5th Annual Board of Governors Meeting of AIIB

While attending the 5th annual meeting of the board of governors of AIIB, Finance Minister mentioned about PM Modi’s initiative of creating a COVID-19 Emergency Fund for the SAARC nations. 

Jul 29, 2020 14:23 IST
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The Union Finance Minister Nirmala Sitharaman on July 28 took part in the 5th Annual Board of Governors Meeting of AIIB- Asian Infrastructure Investment Bank through a video conference.

The Finance Minister praised the efforts of the bank for the fast-tracking the financial assistance of about USD 10 billion to the member countries which includes India to combat the effect of COVID-19 pandemic.

During the meet, the discussions were focused on official business, including a roundtable discussion on the theme ‘AIIB 2030- Supporting Asia’s Development over the Next Decade’ and election of AIIB President.

Finance Minister during the AIIB Meet: Key Highlights

•  While attending the 5th annual meeting of the board of governors, Finance Minister mentioned about PM Modi’s initiative of creating a COVID-19 Emergency Fund for the SAARC- South Asian Association for Regional Cooperation nations.

•  India’s efforts in supplying the critical medical health kits to tackle the coronavirus as well as supporting the global efforts of COVID-19 vaccine trials.

•  Highlighted Indian government’s participation in the ‘G20 Debt Service Suspension Initiative’.

•  Outlined various measures taken by the Indian government to respond to the pandemic, including Pradhan Mantri Garib Kalyan Yojana (PMGKP) of USD 23 billion and Atma Nirbhar Bharat Package (ANBP) of USD 295 billion, which aims at protecting all the sections and sectors of the economy.

•  Easing of the monetary policy by the Reserve Bank of India (RBI), especially reduced reserve requirements and introducing the liquidity in the economy to the extent of all most 3.9% of GDP.

•  The Finance Minister also focused on the boost given to Infrastructure development by informing about a launch of National Infrastructure Pipeline (NIP) 2020-2025 along with an estimated expenditure of USD 1.4 trillion that has created fresh investment opportunities for AIIB’s partnerships.

India’s expectations from AIIB:

During the virtual conference, Finance Minister stressed on some of the expectations that India has from AIIB, which includes the mobilizing private sector finance, introduction of new financing instruments, integrating the development of climate-resilient and sustainable energy access infrastructure as a recovery response to COVID crisis, and providing financing for the social infrastructure in order to achieve the Sustainable Development Goals (SDGs) 2030.

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