Sitharaman urges AIIB to focus on client-centric approach, support low-income countries
New Delhi: Finance Minister Nirmala Sitharaman on Wednesday called on the Asian Infrastructure Investment Bank (AIIB) to maintain a client-centric approach and assist member countries, particularly low-income nations, in accessing financial resources through technical assistance, media reports said.
Sithraman said this during her meeting with AIIB President Jin Liqun ahead of the 9th Annual Meeting of the Board of Governors in Samarkand, Uzbekistan.
The finance minister praised AIIB for its rapid expansion in lending operations within just nine years.
"The Union Finance Minister suggested that @AIIB_Official should continue strengthening its client-centric approach and facilitate member countries, particularly Low-Income Countries to avail financial resources through technical assistance and other non-financial services," the Finance Ministry shared in a post on X.
Union Minister of Finance and Corporate Affairs Smt. @nsitharaman met Mr. Jin Liqun, President, Asian Infrastructure Investment Bank @AIIB_Official, ahead of the 9th Annual Meeting of Board of Governors of AIIB, in Samarkand, today.
— Ministry of Finance (@FinMinIndia) September 25, 2024
FM Smt. @nsitharaman congratulated Mr. Liqun… pic.twitter.com/rPLtU9Sjeh
India, the second-largest shareholder and largest client of AIIB, was acknowledged by President Jin for its significant contributions to the bank’s governance and growth. Jin also expressed interest in exploring further opportunities to strengthen ties with India.
As a multilateral development bank based in Beijing, AIIB is committed to developing sustainable infrastructure across Asia, promoting investments in infrastructure and other sectors to drive sustainable economic development, create wealth, and enhance connectivity.
India, a founding member of AIIB since January 2016, holds 83,673 shares with a capital subscription of $8.4 billion, while China holds 297,804 shares with a $29.8 billion capital subscription.
Earlier in the day, Sitharaman also met with Qatar’s Finance Minister, Ali bin Ahmed Al Kuwari, to discuss various topics including bilateral trade, investments, digital public infrastructure, and a bilateral investment treaty (BIT).
She highlighted the deep-rooted relationship between India and Qatar and reiterated India's commitment to strengthening ties.
Sitharaman emphasized that India remains the fastest-growing large economy in the world, offering attractive investment opportunities in sectors such as energy, infrastructure, logistics, hospitality, food security, and startups.
Al Kuwari praised India’s fast-growing economy and expressed interest in exploring foreign direct investment (FDI) potential in the country.
The meeting also saw both sides agree to collaborate on cross-border payments, digital transactions, and the fast-tracked finalization of the BIT, the Finance Ministry said in another post on X.
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