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India wants the multilateral funding agency ADB to increase its equity base through another round of general capital increase with a view to strengthening its lending operations. Speaking at the 55th Annual Meeting of ADB, India's Economic Affairs Secretary Ajay Seth said rising commodity prices are endangering food security. "We are meeting in the backdrop of tightening of monetary policies, slowdown of the global economy, supply-chain disruptions, unprecedented inflation and rise in commodities prices endangering food security and livelihoods and the developmental gains made so far," Seth said, the Alternate Governor for the ADB's annual meeting. Fiscal space has now considerably reduced and the surge in public debt has limited the space for additional borrowing and worsened debt vulnerabilities, he said. Increase in private sector operations is the need of the hour to leverage the limited capital of ADB, Seth said developing more affordable and innovative financing solutions wil
Finance Minister Nirmala Sitharaman on Monday met International Finance Corporation (IFC) Managing Director Makhtar Diop and discussed increasing lending opportunities in India. IFC is the private sector funding arm of the World Bank. She reiterated India's expectation of a rise in IFC's lending to India to USD 2-2.5 billion in the next 1-2 years and USD 3-3.5 billion in next 3-4 years, the finance ministry said in a series of tweets. "Mr @Diop_IFC shared the sentiment of IFC's expansion into India & stated that IFC would adopt a proactive approach to enhance #investment in India and extend financing to MSMEs to enable capacity building to supplement India's effort to become a manufacturing hub," another tweet said. He further emphasised the potential of looking into sub-national financing for sustainable growth, and mobilise financing for women entrepreneurs.