Nirmala Sitharaman Urges AIIB to Expand Non-Lending Services

Finance Minister Nirmala Sitharaman emphasized the need for the Asian Infrastructure Investment Bank (AIIB) to expand its non-lending services such as technical assistance and project preparation, particularly for low-income countries. She called for innovative financial tools, private sector mobilization, and the replication of India's infrastructure best practices in other regions.

Finance Minister Nirmala Sitharaman on Wednesday urged the Asian Infrastructure Investment Bank (AIIB) to broaden its range of non-lending services to include technical and project preparation assistance, especially for low-income countries.

Addressing the theme 'Building Resilient Infrastructure for All', Sitharaman stressed the importance of standardizing innovative financial tools and mobilizing private sector resources. She highlighted that geopolitical tensions and rising debt limit many countries' capacity to fund infrastructure, emphasizing the critical role of AIIB in filling this gap.

Commending AIIB's client-centric approach and agile response during the COVID-19 pandemic, Sitharaman noted the need for scaling up efforts as envisioned by the G20. She advocated for the transfer of best practices from India, noting the success of digital public infrastructure in driving sustained growth, and expressed full support for AIIB's mission to foster resilient and inclusive development.

(With inputs from agencies.)