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Sitharaman Meets AIIB Chief, Urges More Investment in Low-Income Nations

Union Finance Minister Nirmala Sitharaman met with the new President of the Asian Infrastructure Investment Bank, Zou Jiayi, in New Delhi. Representing AIIB's second-largest shareholder, she emphasized the need to increase investments in member countries, especially low-income ones. The discussions also covered enhancing collaboration for infrastructure projects in India and establishing a regional AIIB office. Separately, Sitharaman also met with Canada's Finance Minister to discuss strengthening bilateral economic and financial cooperation.

Key Points: Sitharaman Meets AIIB President, Calls for More Investment

  • Strengthening India-AIIB partnership
  • Scaling investment in low-income nations
  • Focus on infrastructure-led growth
  • Discussed regional office in India
2 min read

Nirmala Sitharaman meets AIIB President Zou Jiayi, calls for expanded investment in low-income countries

Finance Minister Nirmala Sitharaman meets AIIB President Zou Jiayi, advocating for scaled-up investments in low-income countries and enhanced India-AIIB collaboration.

"scale up investments in AIIB member countries, particularly low-income countries - Nirmala Sitharaman"

New Delhi, March 2

Union Finance Minister Nirmala Sitharaman met Zou Jiayi, the new President of the Asian Infrastructure Investment Bank, here in the national capital, where they discussed strengthening the India-AIIB partnership.

Representing the second largest shareholder in AIIB, Sitharaman emphasised the need to scale up investments in AIIB member countries, particularly low-income countries, through various innovative financing and non-financing instruments.

The Union Finance Minister also highlighted India's continued focus on infrastructure-led growth under the Union Budget, and both discussed the importance of enhanced collaboration with AIIB through early upstream services in the infrastructure sector in India.

Among other issues, the Union minister stressed on AIIB's role in developing the capital markets, expediting the approvals of projects in Uttarakhand and Himachal Pradesh, and setting up a regional office in India, given the scale of AIIB's operations here.

According to AIIB website, it began operations in 2016 with 57 founding Members (37 regional and 20 non-regional). By the end of 2020, it had 103 approved Members representing approximately 79 per cent of the global population and 65 per cent of global GDP.

Union Minister for Finance earlier met Francois-Philippe Champagne, the Minister of Finance of Canada, in New Delhi, and had constructive discussions on enhancing collaboration in investment, fintech, and the broader financial sector.

Both Ministers further expressed their shared interest in early convening of the inaugural India-Canada Economic and Financial Dialogue EFD to further strengthen economic and financial cooperation between the two countries.

- ANI

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Reader Comments

P
Priya S
Good to see India taking a leadership role. Focusing on low-income countries is crucial for balanced regional growth. However, I hope the emphasis on 'innovative financing' doesn't mean more debt for these nations. The details matter.
R
Rohit P
Expediting projects in Uttarakhand and Himachal is much needed! Our hill states have been waiting for better infrastructure for years. Tourism, connectivity, everything will get a boost. AIIB should fast-track these approvals. 👍
S
Sarah B
Interesting to see India's dual engagement - with a multilateral bank like AIIB and bilaterally with Canada. Shows a mature and multi-pronged foreign economic policy. The fintech collaboration with Canada could be particularly promising.
K
Karthik V
All this talk of global investment is good, but what about the ground reality here? We need to ensure these AIIB projects in India are implemented efficiently, without delays and corruption. That's the real challenge.
N
Nisha Z
Developing capital markets is key for long-term growth. If AIIB can help bring more institutional investment into Indian infrastructure, it will reduce reliance on bank loans. Smart move by the Finance Minister.

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