Politics · India Bureau
Sitharaman, World Bank chief chart course for deeper India ties
Finance Minister Nirmala Sitharaman has held discussions with World Bank President Ajay Banga on strengthening bilateral cooperation across corporate, infrastructure and municipal bond markets. The meeting took place during the G20 Finance Ministers and Central Bank Governors conclave in Asheville.
LSN India ·
Sitharaman commended the World Bank Group's sustained partnership with India, particularly highlighting the swift approval of a USD 1.5 billion Development Policy Financing facility, according to a statement from the Finance Ministry on Tuesday.
The Finance Minister also acknowledged the International Finance Corporation's rapid processing of support mechanisms for micro, small and medium enterprises through the Small Industries Development Bank of India (SIDBI). The initiative, completed within an expedited timeframe, has delivered measurable benefits to the MSME sector.
During their bilateral meeting on the sidelines of the G20 Finance Ministers and Central Bank Governors Meeting, the two leaders explored avenues to expand the India-World Bank Group partnership. Discussions included broadening the scope of the Multilateral Investment Guarantee Agency (MIGA) operations in India, as well as deepening engagement across corporate, infrastructure and municipal bond market segments.
The meetings signal continued momentum in India's engagement with multilateral development institutions as the country pursues infrastructure expansion and financial sector deepening. The World Bank Group remains among India's largest development finance partners, with active lending portfolios spanning sectors from social development to infrastructure.