Asheville [US], September 2 (ANI): Union Minister for Finance and Corporate Affairs Nirmala Sitharaman held high-level bilateral meetings with World Bank Group President Ajay Banga and European Commission Commissioner for Economy and Financial Affairs Valdis Dombrovskis on the sidelines of the G20 Finance Ministers and Central Bank Governors (FMCBG) Meeting, hosted by the United States this year.
The discussions focused on deepening economic partnerships, expanding green and infrastructural investments, accelerating private capital mobilisation, and navigating strategic global technologies and trade initiatives.
During the meeting with Ajay Banga, Sitharaman appreciated the speedy processing of the $1.5 billion Development Policy Financing (DPF) and the International Finance Corporation’s (IFC) timely support to MSMEs through SIDBI.
Sharing the details of the meeting in a post on X, the Finance Ministry of India said that Union Minister Sitharaman also appreciated IFC’s support to MSMEs through SIDBI, which was processed in record time and has had a positive impact on the MSME sector.
The two leaders discussed further strengthening the India-World Bank Group partnership, including exploring a larger role for MIGA in India to deepen corporate, infrastructure and municipal bond markets through systematic use of guarantees and greater mobilisation of private capital. The discussions also covered a sector-based, programmatic approach to credit enhancement for infrastructure.
As per the Ministry, Banga appreciated the significant transformation in India’s infrastructure and noted the opportunities to further leverage the World Bank Group’s instruments to support India’s development ambitions, including through MIGA’s engagement and political risk insurance for Indian companies investing overseas.
Union Minister Sitharaman also highlighted India’s engagement with the World Bank Group on establishing a Global Digital Public Infrastructure Knowledge Hub in India, including exploring opportunities to leverage technology in areas such as agriculture, and looked forward to early progress towards its launch.
As per the post on X, Sitharaman also discussed developing globally competitive tourism destinations under the new India-World Bank Group Country Partnership Framework, through a coordinated approach combining IBRD policy and infrastructure support, IFC investment and MIGA guarantees.
The two leaders further discussed evolving the partnership from a traditional lender-borrower relationship towards a strategic platform for global knowledge, innovation and private capital mobilisation, combining India’s scale and implementation capacity with the World Bank Group’s global expertise and financing instruments.
https://x.com/FinMinIndia/status/2094886494800388569
Sitharaman also met Valdis Dombrovskis, Commissioner for Economy and Financial Affairs, European Commission, on the sidelines of the G20 Finance Ministers and Central Bank Governors (FMCBG) Meeting.
According to a post on X by the Ministry of Finance, it was noted that the two sides discussed further deepening of the India-EU Economic and Financial Partnership, including through the India-EU macroeconomic dialogue and the Trade and Technology Council (TTC).
Sitharaman and Dombrovskis also discussed ongoing India-EU FTA and Investment Protection Agreement negotiations, with a shared commitment to take these engagements forward.
The two sides exchanged views on strengthening resilient and diversified supply chains, including cooperation on critical raw materials and technologies. The Finance Minister emphasised the importance of not only sourcing critical minerals, but also developing processing and value-addition capabilities.
As per the post, Sitharaman and Commissioner Dombrovskis also sought to explore opportunities for greater cooperation in FinTech, AI and generative AI, including fostering greater engagement between Indian and European start-ups.
The two sides reaffirmed their commitment to further strengthen the India-EU partnership and work together on shared priorities.
https://x.com/FinMinIndia/status/2094887051648758036
The crucial meetings of Finance Minister Sitharaman with key global partners come on the sidelines as the United States is hosting the G20 Summit this year. (ANI)
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