Rio de Janeiro [Brazil], July 4 : Speaking at the 10th Annual Meeting of Board Governors of the New Development Bank, Finance Minister Nirmala Sitharaman on Friday suggested that the multilateral development bank should play a catalytic role in unlocking private sector capital.
In her remarks, she suggested that special focus must be placed on tailored support for Small and Medium Enterprises, especially women-led enterprises, to ensure inclusive participation, economic development and promote gender equity.
"Strengthening NDBs' financial capacities to meet the scale and urgency of development financing needs is crucial," she said.
"Actionable steps could be adopted from the Capital Adequacy Framework (CAF) for MDBs, and the Better, Bolder and Bigger MDB reforms brought out during India's G20 Presidency in 2023. NDB has shown that a Global South-led institution can deliver development solutions that are timely, trusted, and context-specific," she added.
The Bank should foster cross-country partnerships to promote knowledge exchange, policy innovation, and technical cooperation.
"India stands ready to collaborate with NDB in sharing successful models, such as our achievements in digital public infrastructure, scaling up renewable energy adoption, for broader replication," she reassured.
"Robust governance and transparent institutional mechanisms are vital for enhancing the credibility and effectiveness of the NDB. Continued focus on accountability, responsiveness, and stakeholder trust must remain a priority to ensure the Bank's long-term sustainability."
She said India reaffirms its steadfast commitment to inclusive, sustainable, and innovation-led development of the Global South.
"To ensure that the Global South plays a pivotal role in discussions about issues impacting them, India's efforts led to the landmark inclusion of the African Union as a permanent member of the G20," she said.
Speaking about India, she said the economy has demonstrated remarkable growth and resilience in the post-pandemic era.
"Strong focus on macroeconomic stability, targeted efforts to promote digitalization and inclusive policy design have been instrumental in achieving this, despite facing multiple domestic and external challenges," she said.
India is poised to remain one of the fastest-growing economies globally in the coming years, she asserted.
In conclusion, the finance minister assured India's continued cooperation with NDB, the member countries, and all the stakeholders.