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Union Finance Minister Nirmala Sitharaman convened a strategic meeting with a delegation from the Asian Infrastructure Investment Bank (AIIB) in New Delhi on Monday. The group, consisting of 11 Board of Directors officials representing nine different constituencies, alongside senior AIIB management and staff, is visiting India as part of a Board group visit, according to the Ministry of Finance.

The visit aims to give the AIIB Board a comprehensive understanding of ongoing and future investments in member nations and facilitate interaction with the Indian government, private sector, and other key stakeholders. Highlighting the bank’s significant progress over nine years, Sitharaman emphasised India’s strong macroeconomic foundation and leadership in digital public infrastructure, as stated by the Ministry of Finance.

As the AIIB Board Governor, Sitharaman urged the institution to expand its investments in crucial sectors like climate resilience, infrastructure development, energy security, and urban growth. She also called for incorporating “finance plus” and “budget plus” elements in project execution. The minister noted India’s digital transformation as a model for inclusive growth and underscored the nation’s expertise in disaster management, which could benefit vulnerable economies worldwide.

Sitharaman stressed that AIIB should create a framework to facilitate the transfer of Indian sectoral best practices and technology to similarly positioned countries. She also encouraged AIIB to introduce more innovative financial tools and boost private capital mobilization. Offering India’s cooperation, she suggested that the country could act as a sandbox for testing new financing models and technologies.

Additionally, the Finance Minister applauded AIIB’s contributions to global development and urged continued collaboration in reforming Multilateral Development Banks (MDBs), in line with India’s G20 Presidency recommendations. She emphasized India’s dedication to governance reforms in MDBs, ensuring they are equipped to address modern challenges while being inclusive and responsive, particularly for Low-Income Countries (LICs).

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Ahead of the meeting, the AIIB delegation visited the Regional Rapid Transit System (RRTS) project, co-financed by the Asian Development Bank, AIIB, and the New Development Bank. The delegation will also tour project sites in Bengaluru and engage with technology leaders, as well as participate in a roundtable with various multilateral and bilateral agencies, exploring India’s investment landscape and opportunities for further collaboration.

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