Paris summit: FM Sitharaman discusses G20 efforts to strengthen MDBs

Finance Minister Nirmala Sitharaman on Thursday discussed G20 efforts to strengthen multilateral development banks (MDBs) to address the global challenges of the 21st century.

Sitharaman, who attended the Paris summit on 'New Global Financing Pact', participated in a round table on 'Evolving the model of MDBs to address 21st-century challenges', a finance ministry tweet said.

The Union finance minister highlighted the contribution of the G20 India Presidency on Capital Adequacy Framework (CAF) reforms and the G20 Expert Group on strengthening MDBs.

"FM Smt. @nsitharaman discussed #G20 efforts to #strengthenMDBs to address the global challenges of 21st century. Work on #CAF recommendations will enable #MDBs to utilise their existing resources more effectively," the tweet said.

An expert group is examining how the lending capacity of the MDBs can be substantially enhanced to help developing nations meet sustainable development goals (SDGs) and eliminate poverty.

The finance minister shared that the Paris Summit front-runs the G20 New Delhi Summit and CoP 28 Summit.

The momentum will fuel ongoing efforts in addressing development and transboundary challenges faced by humanity, the tweet said.