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Thursday, February 29, 2024

AIIB needs to scale-up investments in key priority areas: Nirmala Sitharaman


Asian Infrastructure Investment Bank (AIIB) needs to scale-up investments in key priority areas, including clean energy and energy efficiency, disaster resilient infrastructure, social infrastructure with a special focus on education and health, and digital infrastructure, Union Finance Minister Nirmala Sitharaman said on Wednesday.

Addressing 7th Annual Meeting of the Board of Governors of AIIB via video conference, she said as public resources alone are insufficient to meet vast infrastructure needs of members, the bank should not only play a catalytic role in mobilizing diverse private sector resources but also explore mechanisms to augment its own resources, including through early action on the recommendations of G20’s Expert Panel’s Report on the MDB’s Capital Adequacy Framework (CAF).

The Finance Minister pointed out that beyond its financial support, AIIB should work towards expanding the scope of its mid-stream and upstream engagement activities such as increased technical assistance to help clients translate strategies into investment plans.

She also suggested that the Bank should set-up full-fledged country offices in member locations. Every year at the Annual Meeting, the Board of Governors meets to take key decisions on important matters relating to AIIB, and its future vision.

India is a Founding Member and the second largest shareholder in AIIB. India also has the largest project portfolio within AIIB. The theme of this year’s Annual Meeting was “Sustainable Infrastructure Toward a Connected World”, an official statement said.

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