Developing innovative financial products and services, and incentivising strategic investments are crucial for maximising development impact, Finance Minister Nirmala Sitharaman said on Thursday.
Addressing the 7th Annual Meeting of the Board of Governors of New Development Bank (NDB) via video conferencing, she underscored the importance of multilateralism and the spirit of global cooperation for economic recovery.
The minister acknowledged that NDB has successfully established itself as a reliable development partner for emerging market economies and appreciated the progress made towards setting up the India Regional Office in GIFT City in Gujarat.
''@NDB_int has so far approved 21 projects of India for an amount of USD 7.1 billion including $2 billion #COVID19 emergency loans to support #health and #EconomicRecovery,'' the finance ministry said in a tweet.
Set up by the BRICS group of countries (Brazil, Russia, India, China and South Africa) in July 2014, NDB started operations a year later with an initial subscribed capital of $50 billion with total paid-in capital of $10 billion.
The purpose of the bank is to mobilise resources for infrastructure and sustainable development projects in BRICS and other emerging market economies and developing countries to complement the existing efforts of multilateral and regional financial institutions for global growth and development.