Finance Minister Nirmala Sitharaman has called for a renewed mandate for the New Development Bank (NDB), emphasising the need for greater agility, technological advancement, and efficiency in today’s fast-changing world.
Observing that NDB has played an important role in reshaping the financial landscape for the global South, she said it has approved more than 100 projects and it has approved more than USD 35 billion in financing across member countries, including key Indian initiatives, like the metro rail, renewable energy and water management.
NDB is not just a source of capital, it is a platform for shaping a more equitable and responsive global financial architecture, she said during the NDB Governors Seminar on the theme ‘Challenges for Financing Sustainable Development for the Global South’ in Rio de Janeiro, Brazil, on Friday. PTI
