Sitharaman Seeks World Banks Collaboration in Water Management

In a meeting with World Bank Managing Director Operations Anna Bjerde and MD and CFO Anshula Kant, Finance Minister Nirmala Sitharaman emphasized the importance of a collaborative and holistic approach in water management, with a particular focus on restoring water bodies.

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Discussion on World Bank Engagement and Key Issues

During the meeting, Sitharaman discussed various matters related to the World Bank's engagement with India, including the multilateral funding agency's ongoing projects and potential areas of collaboration. She highlighted the need for the World Bank to explore comprehensive and collaborative strategies in water management, with a special emphasis on restoring and rehabilitating lakes and hydroelectric power.

World Bank's Role in G20 IEG Recommendations

Sitharaman also urged the World Bank to take a leading role in advancing the evolution exercise and recommendations of the G20 Independent Evaluation Group (IEG) undertaken during India's G20 Presidency. She emphasized that other multilateral development banks (MDBs) look to the World Bank for such reform initiatives, and India's G20 Presidency provided an opportunity to strengthen MDBs.

Appreciation for India's G20 Presidency

Bjerde expressed appreciation for India's leadership during its G20 Presidency and acknowledged the significant work done on MDB reforms. The finance minister further discussed the potential of Infrastructure Investment Trusts (InvITs) and encouraged the World Bank to explore their application in infrastructure sectors such as roadways.

Collaboration with NaBFID and NIIF

Sitharaman also stressed the need for the World Bank to collaborate with the National Bank for Financing Infrastructure and Development (NaBFID) and the National Investment and Infrastructure Fund (NIIF) to advance infrastructure projects in India. This collaboration would leverage the expertise and resources of both the World Bank and these Indian institutions to accelerate infrastructure development.

The meeting between Finance Minister Nirmala Sitharaman and World Bank officials highlighted India's commitment to sustainable water management, infrastructure development, and strengthening multilateral cooperation. The discussions set the stage for enhanced collaboration between India and the World Bank in these critical areas.