Nirmala Sitharaman Calls for Stronger Infrastructure at AIIB Meeting in Uzbekistan
Samarkand, Uzbekistan – Union Minister of Finance and Corporate Affairs, Nirmala Sitharaman, stressed the urgent need for sustainable and resilient infrastructure in response to global challenges like climate change and geopolitical tensions. She spoke at the Governors’ Business Roundtable during the 9th Annual Meeting of the Board of Governors of the Asian Infrastructure Investment Bank (AIIB) in Samarkand.
Climate Change and Geopolitical Tensions
Sitharaman highlighted that climate change is an undeniable force, requiring infrastructure that can withstand its impacts. She also noted that geopolitical tensions and rising debt burdens are making it difficult for many countries to finance necessary infrastructure projects, placing added responsibility on AIIB to support these nations.
AIIB’s Role and Initiatives
The Finance Minister praised AIIB for its client-centric approach and its agility in responding to the COVID-19 pandemic. She commended AIIB’s recent initiatives, such as climate-focused policy-based financing, but emphasized that more needs to be done in terms of scale and impact, as outlined by the G20 framework.
India’s Infrastructure Expansion
Sitharaman spoke about India’s large-scale infrastructure expansion and the significant multiplier effects of its digital public infrastructure (DPI). She noted that India is now focused on urban infrastructure, e-mobility, and renewable energy, which are key drivers for sustained growth and resilience.
Strategic Partnerships and Global Best Practices
The Finance Minister emphasized the importance of fostering strategic partnerships, engaging in policy dialogue, and promoting the exchange of global best practices. She urged AIIB to facilitate the transfer of best practices from India and other Asian countries to low-income regions while maintaining its Asian identity.
Sitharaman concluded by assuring India’s full cooperation and support for AIIB in its journey towards a resilient and inclusive future. She is on a five-day official visit to Uzbekistan, attending the Ninth Annual Meeting of the Board of Governors of AIIB and other important bilateral meetings.
Doubts Revealed
Nirmala Sitharaman -: Nirmala Sitharaman is India’s Finance Minister. She helps manage the country’s money and economy.
AIIB -: AIIB stands for Asian Infrastructure Investment Bank. It’s a bank that helps countries in Asia build things like roads and schools.
Uzbekistan -: Uzbekistan is a country in Central Asia. It’s where the meeting took place.
Samarkand -: Samarkand is a city in Uzbekistan. It’s known for its beautiful buildings and history.
Infrastructure -: Infrastructure means things like roads, bridges, and buildings that help a country run smoothly.
Sustainable -: Sustainable means something that can last a long time without harming the environment.
Resilient -: Resilient means being strong and able to recover quickly from problems.
Geopolitical tensions -: Geopolitical tensions are disagreements or conflicts between countries.
Strategic partnerships -: Strategic partnerships are important agreements between countries or organizations to work together for a common goal.
Global best practices -: Global best practices are the best ways of doing things that are accepted around the world.