FM attends 5th meeting of New Development Bank’s Board of Governors

New Delhi: Union MoS Culture and Tourism Prahlad Singh Patel meets Union Finance and Corporate Affairs Minister Nirmala Sitharaman, to review the economic impact of ‘COVID-19’ on Tourism Sector, in New Delhi on March 20, 2020. (Photo: IANS/PIB)

New Delhi, April 20 (IANS) Finance and Corporate Affairs minister Nirmala Sitharaman on Monday attended the 5th Annual Meeting of Board of Governors of New Development Bank through video-conference.

Established by the BRICS countries (Brazil, Russia, India, China and South Africa) in 2014, the bank’s 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. NDB has so far approved 14 projects of India for an amount of $4,183 million.

Sitharaman commended the NDB’s efforts in establishing itself as a credible Global Financial Institution, delivering its mandate successfully by taking more sustainable and inclusive approach.

On the discussion of Covid-19, she appreciated the NDB’s effort on fast tracking of financial assistance of about $5 billion to BRICS countries including Emergency Assistance of $1 billion to India to combat COVID-19 pandemic. She also suggested that, assistance under this facility to be enhanced to $10 Billion.

Sitharaman also mentioned about Prime Minister Narendra Modi’s initiative of creating a Covid-19 Emergency Fund and India’s efforts in supplying critical medicine to the needy countries to tackle the disease.

The Finance Minister of Brazil thanked India for the timely help it received from India in the form of critical drugs.

Sitharaman also outlined various measures taken in India to respond to Covid-19, including allocation of $2 billion (Rs 15,000 crore) by the government for strengthening the healthcare system, and announcement of a scheme of social support measures amounting to $25 billion to alleviate the hardship of the poor and the vulnerable.

She also encouraged NDB to take appropriate actions to join G-20 forum along with other Multilateral Development Bank (MDBs)/International Financial Institutions (IFIs).

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