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Finance minister Nirmala Sitharaman on Thursday underscored the importance of multilateralism and the spirit of global cooperation for economic recovery in the aftermath of the pandemic.
The minister, who chaired the 7th annual meeting of the board of governors of New Development Bank (NDB) via video conference, also emphasised that developing innovative financial products and services, and incentivising strategic investments are crucial to maximising development impact, according to the finance ministry.
NDB has so far approved 21 projects of India involving a funding of $7.1 billion, including $2 billion in emergency loans to support health and economic recovery in the aftermath of the Covid-19 outbreak. The theme of the annual meeting was “NDB: Optimising Development Impact”.
Last year, India had called for expanding the funding horizon of the NDB, often referred to as BRICS Bank, so that resources could be utilised for bolstering social infrastructure in a post-Covid world, besides promoting the industrial sector.
The NDB was set up based on the inter-governmental agreement among the BRICS nations (Brazil, Russia, India, China and South Africa) in July 2014. The purpose of this bank is to mobilise resources for infrastructure and sustainable development projects in BRICS and other emerging market economies and developing countries.
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