Renewing NDB's Mandate: Pioneering a Fair Financial Future
Finance Minister Nirmala Sitharaman emphasizes the need to renew the mandate of the New Development Bank for agility and advancement. Highlighting its impact on the global South, she argues for a focus on fairness and leadership. India's policies are driving change, addressing fiscal constraints and climate challenges.
- Country:
- India
Finance Minister Nirmala Sitharaman has urged a renewed focus on the New Development Bank's (NDB) mandate, emphasizing agility, technological proficiency, and efficiency in today's rapidly evolving world.
At the NDB Governors Seminar in Rio de Janeiro, Sitharaman underscored NDB's influence in reshaping the financial landscape of the global South, having approved over 100 projects with financing exceeding USD 35 billion across member countries, bolstering crucial Indian initiatives like metro rail, renewable energy, and water management.
She asserted that NDB should serve not merely as a capital source but as a platform fostering a more equitable global financial architecture. Addressing the seminar's theme on 'Challenges for Financing Sustainable Development for the Global South', Sitharaman stressed the importance of agility and technological advancement for the bank's renewed mandate to lead transformative sustainable development globally.
(With inputs from agencies.)
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