FM Sitharaman appreciates New Development Bank’s 1 bn dollar emergency assistance to India
Ms Sitharaman also outlined various measures taken in India to respond to the COVID-19 including allocation of 15 thousand crore rupees for strengthening the healthcare system and announcement of a scheme of social support measures amounting to 25 billion dollars to alleviate the hardship of the poor and the vulnerable. She also strongly encouraged NDB to take appropriate actions to join G-20 forum along with other Multilateral Development Bank and International Financial Institutions. Ms. Sitharaman urged NDB to follow innovative practices in supporting the BRICS nations for achieving their Sustainable Development Goals.
The NDB was established by the BRICS countries -Brazil, Russia, India, China and South Africa in 2014. NDB has so far approved 14 indian projects for an amount of 4,183 million dollar. The purpose of the Bank is to mobilise 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.