India`s Finance Minister Nirmala Sitharaman has announced on 30th March that India will set up a new Development Financial Institution (DFI) with an initial paid-up capital of around 3 billion Dollars with a lending target of 69 billion Dollars in the next three years. She made the announcement at the 6th annual meeting of the Board of Governors of New Development Bank through video-conference. She underscored India`s quick response to limit the impact of the pandemic and to undertake massive vaccination drives which are resulting in a `V shape recovery`. She also highlighted that the world`s largest vaccine drive by India is underway and to date, India has supplied 63.9 million doses of Made-in-India COVID vaccine to 80 countries, including 10.4 million doses of the vaccine as a grant. Sitharaman also encouraged the New Development Bank to facilitate private sector participation and explore more innovative financing structures. She has asked them to develop a pipeline of bankable projects, and promote environmental and social safeguards to enhance the sustainability of infrastructure. The Minister acknowledged the Bank`s achievements and progress made over the last six years. She highlighted NDB`s role in countercyclical lending through a 10 billion Dollar Emergency Assistance Programme for supporting the member countries in fighting the COVID pandemic. NDB, a multilateral development bank was set up by the BRICS countries in 2014 with the objective of mobilizing resources for infrastructure and sustainable development projects in the BRICS as well as other EMDCs of the world. The Bank was operationalized in 2015, with its Headquarters in Shanghai, China. NDB has so far approved 18 projects in India for an amount of 6,924 million Dollars.
India`s Finance Minister Nirmala Sitharaman has announced on 30th March that India will set up a new Development Financial Institution (DFI) with an initial paid-up capital of around 3 billion Dollars with a lending target of 69 billion Dollars in the next three years. She made the announcement at the 6th annual meeting of the Board of Governors of New Development Bank through video-conference. She underscored India`s quick response to limit the impact of the pandemic and to undertake massive vaccination drives which are resulting in a `V shape recovery`. She also highlighted that the world`s largest vaccine drive by India is underway and to date, India has supplied 63.9 million doses of Made-in-India COVID vaccine to 80 countries, including 10.4 million doses of the vaccine as a grant. Sitharaman also encouraged the New Development Bank to facilitate private sector participation and explore more innovative financing structures. She has asked them to develop a pipeline of bankable projects, and promote environmental and social safeguards to enhance the sustainability of infrastructure. The Minister acknowledged the Bank`s achievements and progress made over the last six years. She highlighted NDB`s role in countercyclical lending through a 10 billion Dollar Emergency Assistance Programme for supporting the member countries in fighting the COVID pandemic. NDB, a multilateral development bank was set up by the BRICS countries in 2014 with the objective of mobilizing resources for infrastructure and sustainable development projects in the BRICS as well as other EMDCs of the world. The Bank was operationalized in 2015, with its Headquarters in Shanghai, China. NDB has so far approved 18 projects in India for an amount of 6,924 million Dollars.
