Finance minister Nirmala Sitharaman on Monday called for enhancing the emergency financing facility of the New Development Bank (NDB), based on the requirements of member nations to fight the pandemic.
Addressing the fifth annual meeting of the board of governors of NDB via video conference, the minister said: “The bank has financial capacity to enhance the emergency facility up to $10 billion for price-related assistance. Therefore, based on the demand from member countries, this facility should be enhanced.”
She also encouraged the NDB to take appropriate steps to join the G-20 forum, along with the multilateral development banks and international financial institutions. She also hailed NDB’s efforts in fast-tracking financial aid to BRICS countries, including India, under the emergency assistance programme.
So far, NDB has approved 14 projects worth $4,183 million in India.
The minister also dwelt on India’s efforts on supplying critical medicine to needy nations to help them tackle the pandemic.
NDB was set up in 2015 by the BRICS countries (Brazil, Russia, India, China and South Africa). With its subscribed capital base of $50 billion, NDB aims to mobilise resources for infrastructure and sustainable development.