In themeeting with Jin Liqun, President of the Asian Infrastructure Investment Bank (AIIB), Finance Minister Nirmala Sitharaman emphasized the importance of a client-centric approach for the bank. This approach aims to provide essential financial resources and technical assistance, particularly to low-income countries. The discussions took place ahead of the 9th Annual Meeting of the Board of Governors in Samarkand, Uzbekistan.
Sitharaman commended the AIIB for its rapid growth in lending over its nine-year history. As the second-largest shareholder and biggest client of the bank, India’s significant role in the AIIB's governance and expansion was acknowledged. President Liqun expressed a keen interest in strengthening collaboration with India during their discussion.
Sitharaman attended the Ninth Annual Meeting of the AIIB Board of Governors on September 25 and 26, 2024, along with other vital bilateral meetings with officials from Uzbekistan, Qatar, China, and the AIIB President.
During the annual meeting, Sitharaman, representing India as the Governor to the AIIB, engaged in multilateral discussions covering a wide range of global issues pertinent to the development agenda. She also met with H.E. Shavkat Mirziyoyev, President of Uzbekistan, to discuss bilateral relations.
As part of her official visit, the Finance Minister signed a Bilateral Investment Treaty (BIT) with Uzbekistan's Minister for Investment, Industry, and Trade. This treaty aims to enhance long-term economic cooperation for the mutual benefit of both nations.
Sitharaman also took part in the India-Uzbekistan Business Forum, which was organized jointly with industry leaders from both countries. Additionally, she visited Samarkand State University and the Lal Bahadur Shastri Monument in Tashkent, where she interacted with members of the Indian diaspora representing various sectors.
The AIIB Annual Meeting brought together delegations from around 80 countries and various international organizations. Established in January 2016 with 57 founding members, including India and China, the AIIB focuses on sustainable infrastructure development in Asia. With ownership of 83,673 shares valued at $8.4 billion, India plays a crucial role in the bank’s operations. Previously, Sitharaman also met with Qatar's Finance Minister to explore investment opportunities in India's burgeoning economy.
Finance Minister Nirmala Sitharaman to Push for Global Infrastructure Solutions at AIIB Meet
