Need to address the $4 trillion financing gap, says Sitharaman
4 months ago

Need to address the $4 trillion financing gap, says Sitharaman

Hindustan Times  

New Delhi Growth remains the best antidote to many economic and social challenges, finance minister Nirmala Sitharaman said at the Voice of the Global South Summit on Saturday while underscoring the urgency for concessional finance to developing countries facing a nearly $4 trillion annual financing gap in meeting SDGs. Union Finance Minister Nirmala Sitharaman Highlighting inadequate access to development finance, she said implementation of many SDGs in developing economies is “stagnating” and “even regressing” as the Global South is disproportionately affected by global uncertainty. where improved economic performance leads to greater financial opportunities and vice versa,” Sitharaman said in her opening remarks during the finance ministers’ virtual session of the third edition of the summit. Speaking on concessional finance, she said low-income countries must remain the priority and middle-income countries should also get access to the dedicated concessional windows to address climate-related challenges.

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ADB and NaBFID collaborate to address the funding gap of India’s infrastructure sector
1 week, 4 days ago

ADB and NaBFID collaborate to address the funding gap of India’s infrastructure sector

Live Mint  

New Delhi, December 12 : The Asian Development Bank and India's National Bank for Financing Infrastructure Development have joined forces to bolster infrastructure financing in India. The collaboration also includes the provision of credit lines through ADB-facilitated private sector investments to support innovative projects that foster sustainable and inclusive growth across India. The two institutions signed a letter of intent …

Development banks can help resolve global crises
Trending News
1 month ago

Development banks can help resolve global crises

China Daily  

After the survival crisis at the end of the 20th century, the revival and expansion of the multilateral development bank system, led by the World Bank, has become one of the most prominent transformations in the global development financing system since the 2008 global financial crisis. Following the adoption of the United Nations 2030 Agenda for Sustainable Development, multilateral development …

Development banks can help resolve global crises
Trending News
1 month ago

Development banks can help resolve global crises

China Daily  

After the survival crisis at the end of the 20th century, the revival and expansion of the multilateral development bank system, led by the World Bank, has become one of the most prominent transformations in the global development financing system since the 2008 global financial crisis. Following the adoption of the United Nations 2030 Agenda for Sustainable Development, multilateral development …

Urgent need to address $4 trillion financing gap to accelerate progress on SDGs: FM Nirmala Sitharaman
4 months ago

Urgent need to address $4 trillion financing gap to accelerate progress on SDGs: FM Nirmala Sitharaman

The Hindu  

Finance Minister Nirmala Sitharaman on Saturday said that inadequate access to developmental finance is hindering developing economies from achieving Sustainable Development Goals and underscored the urgent need to address this $4 trillion annual financing gap. Addressing the third Voice of Global South Summit virtually, Ms. Sitharaman said that recent reports reveal that the implementation of many SDGs in developing economies …

States seek improvements in 50-year interest-free loan scheme
6 months ago

States seek improvements in 50-year interest-free loan scheme

The Hindu  

States have urged the Centre to make some improvements in the 50-year interest free loan scheme for pursuing capital investment projects, under which the Union government has proposed to give them ₹1.3 lakh crore this year, the same amount as 2023-24. Ministers from States made suggestions related to the ‘Scheme for Special Assistance to States for Capital Investment’, first launched …

Net Zero By 2070: Why India Must Focus On Transition Finance, Decoupling Emissions From Growth
10 months, 1 week ago

Net Zero By 2070: Why India Must Focus On Transition Finance, Decoupling Emissions From Growth

ABP News  

Backed by a vibrant private sector, innovative technologies, and an enabling policy environment, India has made great strides in its transition towards a low-carbon economy. All this would require innovative financing and capital towards scaling up energy efficiency, renewable energy capacity, upgradations of grid network, assistance for enhanced energy access to last mile end user communities, and a just transition …

NK Singh unveils MDB reform road map
1 year, 2 months ago

NK Singh unveils MDB reform road map

Hindustan Times  

Suggesting that the world was at an inflection point, NK Singh, the co-convener of the G20 independent expert group to strengthen and reform multilateral development banks, has urged G20 countries and MDB shareholders to endorse the principles of MDBs working together and convey this mandate to their respective representatives on executive boards of MDBs. NK Singh said volume one of …

G20 expert group presents roadmap for ‘bigger, bolder, better’ MDBs
1 year, 2 months ago

G20 expert group presents roadmap for ‘bigger, bolder, better’ MDBs

Hindustan Times  

To meet the objective of having bigger, better and bolder multilateral development banks, the G20 independent expert group on the subject has laid out a vision where, by 2030, MDBs channel support through multi-year country platforms, process operations in half the time, work together as a system on regional and global approaches to global public goods, triple lending volumes, quintuple …

G20 Countries Signed Agreement To Collectively Boost MDBs Financing Capacity: FM Nirmala Sitharaman
1 year, 3 months ago

G20 Countries Signed Agreement To Collectively Boost MDBs Financing Capacity: FM Nirmala Sitharaman

ABP News  

Finance Minister Nirmala Sitharaman on Saturday said the G20 countries have signed an agreement to collectively work to boost the World Bank's financing capacity. Following the second session of the G20 Leadership Summit in Delhi, a Press briefing by Union Minister Nirmala Sitharaman and S. Jaishankar was held. Finance Minister Nirmala Sitharaman highlighted four key developments related to reforming international …

Multilateral devt banks need transformative reform: FM Sitharaman
1 year, 8 months ago

Multilateral devt banks need transformative reform: FM Sitharaman

Live Mint  

In a meeting with the G20 expert group on strengthening multilateral development banks, Union finance minister Nirmala Sitharaman called for a “transformative” rather than incremental change in the banks; a “holistic” rather than fragmented approach to reform; and the need for more financing to achieve both developmental and climate goals, without viewing them as mutually exclusive. People familiar with the …

Debt crisis key priority of India’s G20 presidency, says FM in US
1 year, 8 months ago

Debt crisis key priority of India’s G20 presidency, says FM in US

Hindustan Times  

Washington: Reiterating that addressing the growing debt distress was a priority for India’s G20 presidency, Union finance minister Nirmala Sitharaman has emphasised debt transparency, information-sharing, clarity on the comparability of treatment, predictability and timeliness of restructuring process as key principles that should govern the process. Sitharaman made the remarks while co-chairing a meeting of the global sovereign debt roundtable along …

Historic opportunity to reform World Bank: FM
1 year, 8 months ago

Historic opportunity to reform World Bank: FM

Hindustan Times  

With discussions around the evolution of multilateral development banks intensifying, Union finance minister Nirmala Sitharaman on Wednesday said that the calls to reinvigorate the World Bank present a “historic opportunity” to make the institution “fit for purpose” to achieve sustainable development goals as well as address national and global developmental challenges. Union finance minister Nirmala Sitharaman with US Department of …

Vizag to host G-20 workshop on leveraging finance from today
1 year, 9 months ago

Vizag to host G-20 workshop on leveraging finance from today

Deccan Chronicle  

VISAKHAPATNAM: Under India’s G-20 presidency, the second G-20 Infrastructure Working Group is organising a two-day workshop in Visakhapatnam from Wednesday on how cities can leverage private finance. In addition to discussing ways cities in India can leverage private finance to develop critical urban infrastructure projects, the workshop aims to build capacities of urban local bodies in innovative urban planning, accessing …

Developing countries face growing risks from financial fragility: World Bank
2 years, 10 months ago

Developing countries face growing risks from financial fragility: World Bank

India TV News  

Highlights Developing countries face growing risks from financial fragility created by Covid crisis World Bank urged policymakers to focus on creating healthier financial sectors WB chief said it's critical to work toward broad-based access to growth-oriented capital allocation Developing countries face growing risks from financial fragility created by the Covid-19 crisis and non-transparent debt, the World Bank has said in …

FM Nirmala Sitharaman calls for greater capitalization of NDB
3 years, 8 months ago

FM Nirmala Sitharaman calls for greater capitalization of NDB

Live Mint  

Union finance minister Nirmala Sitharaman on Tuesday urged the Brics -led New Development Bank to improve its ratings by international rating agencies through adequate capitalization, quality governance and prudent management. At the sixth annual meeting of the board of governors of NDB held via videoconference, Sitharaman highlighted NDB’s role in countercyclical lending through a $10 billion emergency assistance programme for …

India considers creating bank with $13.7 billion equity capital to fund roads
3 years, 11 months ago

India considers creating bank with $13.7 billion equity capital to fund roads

Hindustan Times  

India is considering a proposal to create a bank to help fund port, road and power projects as Prime Minister Narendra Modi’s administration aims to lift Asia’s third-largest economy out of the recession. India faces the challenge of boosting spending on productive assets that aid economic growth after being forced to direct the bulk of stimulus last year on the …

ADB Should Step Up Lending, Private Sector Operations to Help Employment Generation: Sitharaman
4 years, 3 months ago

ADB Should Step Up Lending, Private Sector Operations to Help Employment Generation: Sitharaman

News 18  

Appreciating the assistance extended by the Asian Development Bank in fight against COVID-19, Finance Minister Nirmala Sitharaman on Friday urged the multilateral lending agency to increase the quantum of lending and private sector operations with a view to ameliorate poverty and promote employment generation. Addressing the 53rd annual meeting of the Board of Governors of the ADB through video conference, …

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