Union Finance Minister Nirmala Sitharaman asks ADB to support India with more concessional climate finance
The Hindu
Union Finance minister Nitmala Sitharaman met ADB president Masatsugu Asakawa and urged the multilateral funding agency to to support India with more concessional climate finance
Finance minister Nitmala Sitharaman on May 2 met ADB president Masatsugu Asakawa and urged the multilateral funding agency to to support India with more concessional climate finance, as the country's economic progress can have huge positive impact regionally and globally.
During the bilateral meeting with the president in Incheon, Ms. Sitharaman said India continues to be the most significant country for ADB's sovereign and non-sovereign operations.
She also expressed support to Asian Development Bank (ADB) for innovative financing mechanisms to enhance the lending capacity of the bank.
She advised ADB to introspect and assess how the bank can effectively support developing member countries.
"FM Smt. @nsitharaman urged @ADB_HQ to support India with more concessional #ClimateFinance, as India's economic and developmental progress can have huge positive impact regionally and globally," a tweet from the finance ministry said.
Mr. Asakawa during the meeting reiterated ADB's commitment of providing USD 100 billion climate finance to its member countries and also thanked India for support to ADB's innovative finance facility for climate in Asia and the Pacific.
Earlier in the day ADB president announced the bank's newest climate finance programme: the Innovative Finance Facility for Climate in Asia and the Pacific (IF-CAP).
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