Nirmala Sitharaman suggests AIIB establish its regional presence

Source :IANS
Author :IANS
Last Updated: Wed, Jul 29th, 2020, 10:12:09hrs
Nirmala Sitharaman

New Delhi: India's Finance Minister Nirmala Sitharaman on Tuesday suggested the Asian Infrastructure Investment Bank (AIIB) establish its regional presence for effective project management and implementation.

Addressing the 5th annual meeting of the Board of Governors of AIIB through video conference, Sitharaman appreciated the bank's efforts for fast-tracking financial assistance of about $10 billion to its member countries including India to combat the Covid-19 pandemic.

She also spoke of the Covid-19 Emergency Fund for SAARC Nations and India's efforts in supplying critical medical health kits to tackle the pandemic and the ongoing support towards the global efforts of Covid-19 vaccine trials.

Of the initiatives by the Indian government to support the poor and revive the economy, the Finance Minister said that the Reserve Bank of India's steps introduced liquidity in the economy to the extent of almost 3.9 per cent of the GDP.

The annual meeting is held to make key decisions that impact the bank's future. The discussions at the meeting broadly covered official business including election of the President of the AIIB and a roundtable discussion on the theme 'AIIB 2030-Supporting Asia's Development over the Next Decade'.