Finance Minister Nirmala Sitharaman on Wednesday said AIIB should continue its focus on a client-centric approach and help member countries, especially low-income countries, access financial resources with the help of technology. She made this request in a meeting with Asian Infrastructure Investment Bank (AIIB) President Jin Liqun ahead of the 9th Annual Meeting of the Board of Governors in Samarkand (Uzbekistan). The Finance Minister praised AIIB's rapid growth in lending operations in a short period of nine years.
Help for low-income countries
The Finance Ministry wrote on its official account on social media platform X, “The Union Finance Minister suggested that AIIB should continue to strengthen its client-centric approach and facilitate member countries, especially low-income countries, to access financial resources through technology assistance and other non-financial services. “It said,” The AIIB President appreciated India's contribution to the administration and overall growth of the bank as India's second largest shareholder and largest client. He also expressed his desire to explore opportunities to further strengthen relations with India.
India has 83,673 shares in AIIB
As a multilateral development bank, the Beijing-based AIIB focuses on promoting sustainable infrastructure development in Asia and investment in infrastructure and other productive sectors. It aims to promote sustainable economic growth, create wealth and improve infrastructure connectivity. India holds 83,673 shares in AIIB with a capital of $8.4 billion, while China holds 2,97,804 shares with a capital of $29.8 billion.
Discussion on BIT with Qatar
Earlier in the day, Sitharaman also met Qatar Finance Minister Ali bin Ahmed Al Kuwari and discussed bilateral trade, investment, digital public infrastructure and bilateral investment treaty (BIT) etc. Referring to the historical and deep ties between India and Qatar, she said that India is constantly making efforts to further strengthen relations with Qatar. During the meeting, she said that India remains the fastest growing large economy in the world. This makes it an excellent destination for investment opportunities for Qatari entities in sectors such as energy, infrastructure, logistics, hospitality, food security and startups. The Finance Ministry wrote on the social media platform 'X', Al Kuwari praised the fast-growing Indian economy and also welcomed the idea of exploring the huge potential of foreign direct investment (FDI) in India. It said, the delegation agreed on cooperation in facilitating cross-border payments, digital transactions and early finalization of the Bilateral Investment Treaty (BIT).
Image Credit: India-Tv.