Finance Minister Nirmala Sitharaman on Wednesday held a meeting with World Bank President David Malpass, where they discussed India's G20 presidency and priorities, Capital Adequacy Frameworks, and addressed debt vulnerabilities.
The Finance Minister stressed that real evolution of the World Bank's vision and mission needs sharpened focus on middle income countries that are home to more than 70 per cent of world's poor.
She informed Malpass that climate finance is a focus area during India's presidency and multilateral development banks (MDBs) can play a major role in incentivising private capital, de-risking instruments and providing greater concessional finance.
Sitharaman appreciated World Bank Group for the robust support it provided in facilitating India's priorities during its G20 presidency for both the Sherpa and FinanceTrack.
She welcomed World Bank's initiative to feature Lifestyle for Environment LiFE, during the Spring Meetings. The Finance Minister emphasised India's belief that the recommendations of the expert panel on the MDBs' Capital Adequacy Frameworks can significantly unlock development financing.
She suggested to Malpass that World Bank must continue to strive towards achieving its twin goals and leverage its comparative advantage for achievement of the SDGs.
Malpass recently announced his decision to step down as World Bank chief in June, a year before the expiry of his term.