Finance Minister: Union Finance Minister Nirmala Sitharaman is on a four-day visit to South Korea. Finance Minister Nirmala Sitharaman held a bilateral meeting with Asian Development Bank (ADB) President Masatsugu Asakawa in Incheon on Tuesday. During this, he emphasized that India remains the most important country for sovereign and non-sovereign operations of the lending agency.
Official sources said the Union minister, who was in Incheon to attend the annual general meeting of ADB, met Asakawa on the sidelines of the event. Sitharaman also expressed support to ADB for innovative financing mechanism to enhance the credit capacity of the bank. He advised ADB to introspect and evaluate how the bank can effectively support developing member countries.
Sitharaman urged Asakawa to support India with more concessional climate finance, as the country’s economic and developmental progress could have a large positive impact regionally and globally. Asakawa reiterated ADB’s commitment to provide $100 billion in climate finance to its member countries and thanked India for supporting the lender’s innovative finance facility for climate in Asia and the Pacific.
Finance Minister Nirmala Sitharaman is leading the Indian delegation to attend the 56th Annual General Meeting (AGM) of the Board of Governors of the Asian Development Bank (ADB) in Incheon, South Korea from May 2 to May 5. The Indian delegation comprising officials from the Department of Economic Affairs had left on Monday itself.
The meetings are being attended by official delegations from ADB members, observers, non-governmental and civil society organizations, media, financial institutions and banks and other private sector companies, and several meetings with the Finance Minister. Nirmala Sitharaman is interacting with global economists, bank governors and finance ministers of ADB member countries. Apart from this, she will hold bilateral talks with countries and international organizations and will also meet business leaders and investors.
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