Board of governors of new development bank - Latest News Update, Information, Photos & Videos on Board of governors of new development bank at Lokmat Times

India's quick response in limiting the impact of the COVID-19 pandemic and undertaking massive vaccination drives are resulting in a "V-shaped recovery", said Union Finance Minister Nirmala Sitharaman on Tuesday.Speaking at the sixth annual meeting of the Board of Governors of New Development Bank(NDB) through video-conference, Sitharaman highlighted that India's COVID-19 vaccination drive, the largest in the world, is underway and to date, 63.9 million doses of made-in-India COVID vaccine have been supplied to 80 countries including 10.4 million doses of the vaccine as grants."The Finance Minister 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'," a statement from the Finance Ministry said.She also acknowledged the NDB's achievements and progress over the last six years and highlighted the bank's role in countercyclical lending through USD 10 billion Emergency Assistance Programme for supporting the member countries in fighting the COVID pandemic.She further stressed the need for NDB to maintain and improve upon the ratings assigned by international rating agencies through adequate capitalisation, high-quality governance and prudent management.Sitharaman also encouraged the NDB to facilitate private sector participation, explore more innovative financing structures, discover co-financing opportunities with other MDBs, develop a pipeline of bankable projects, and promote environmental and social safeguards to enhance the sustainability of infrastructure."India is going to set up a new DFI with initial paid-up capital of around USD 3 billion with a lending target of USD 69 billion in the next three years," she said while suggesting NDB to develop a synergistic relationship with these institutions that share its development priorities to achieve greater results.NDB, a multilateral development bank was set up by the BRICS countries (Brazil, Russia, India, China, and South Africa) 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 has been operationalised since 2015, with its Headquarters in Shanghai, China. NDB has so far approved 18 projects of India for an amount of USD 6,924 million.The meeting was also attended by Governors/Alternate Governors of Brazil, China, Russia and South Africa.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Home

City

Latest News

Cricket

LT Premium

National

International

Maharashtra

Opinions

Chhatrapati Sambhajinagar

Nagpur

Entertainment

Photos

Business

Technology

Sports

Lifestyle

Social Viral

Lokmat Games

Health

Pahalgam Terror Attack

Tahawwur Rana

IPL 2025

CM Devendra Fadnavis

Mumbai Local

Weather Update

Board Of Governors Of New Development BankFOLLOW

Board of governors of new development bank, Latest News

Business :Financial Stability Board to propose crypto regulations

The Financial Stability Board, an international body that monitors and makes recommendations about the global financial system, will report to the G20 finance ministers and central bank governors in October on regulatory and supervisory aspects of st ...

National :India's quick response to COVID, vaccination drive resulting in 'V-shape-recovery': Sitharaman

India's quick response in limiting the impact of the COVID-19 pandemic and undertaking massive vaccination drives are resulting in a "V-shaped recovery", said Union Finance Minister Nirmala Sitharaman on Tuesday. ...