MDB reforms to facilitate climate financing: FM Nirmala Sitharaman

Climate finance is a focus area during India’s G20 presidency and multilateral development banks (MDBs) can play a major role in incentivising private capital, de-risking instruments, and providing greater concessional finance, Finance Minister Nirmala Sitharaman said on Wednesday during her meeting with World Bank President David Malpass.

“The real evolution of the World Bank’s vision needs sharpened focus on middle-income countries, home to more than 70 per cent of world’s poor,” she added

She emphasised the country's belief that the recommendations of the expert panel on the MDB’s capital adequacy frameworks can significantly unlock development financing.