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Finance Minister Nirmala Sitharaman on Monday lauded the New Development Bank’s (NDB) efforts in fast tracking financial assistance to BRICS countries, including India, under the emergency Assistance Programme funding to combat Covid-19.
Addressing the 5th Annual Meeting of Board of Governors of NDB through video conference in New Delhi, Sitharaman also said NDB had the financial capacity to enhance emergency facility upto $10 billion for crisis related assistance. Therefore, based on the demands from member-countries this facility should be enhanced, she added.
Sitharaman also encouraged NDB to take appropriate actions to join the G20 forum along with other multilateral development banks and international financial institutions.
She commended the NDB’s efforts in establishing itself as a credible global financial institution, delivering its mandate successfully by taking a more sustainable and inclusive approach.
She highlighted India’s efforts on supplying critical medicine to the needy countries to tackle the pandemic. NDB has, so far, approved 14 projects in India worth$4,183 million.
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