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NBD Should Enhance Emergency Facility To USD 10 Billion To Fight Covid-19: Sitharaman

Finance Minister Nirmala Sitharaman on Monday asked New Development Bank (NDB) to enhance the emergency facility to USD 10 billion to combat Covid-19 pandemic.

Sitharaman participated in the 5th Annual Meeting of Board of Governors of NDB through video-conference.

“On the discussion of Covid-19, FM appreciated NDB’s effort on fast-tracking of financial assistance of about USD 5 billion to BRICS countries including Emergency Assistance of USD 1 billion India to combat Covid-19 pandemic. She also suggested that, assistance under this Facility to be enhanced to USD 10 Billion,” an official statement quoted Sitharaman.

During the discussion, she outlined various measures taken in India to respond to the Covid-19, includes, allocation of USD 2 Billion (Rs 15,000 crore) by the Indian government.

She also strongly encouraged NDB to take appropriate actions to join the G-20 forum along with other Multilateral Development Bank (MDBs)/International Financial Institutions (IFIs).

The minister urged NDB to follow innovative practices in supporting the BRICS nations for achieving their Sustainable Development Goals.

The NDB was established by Brazil, Russia, India, China and South Africa in 2014.

The purpose of the Bank is to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging market economies and developing countries to complement the existing efforts of multilateral and regional financial institutions for global growth and development.

NDB has so far approved 14 projects of India for an amount of USD 4,183 million.-Hindustan Times