Finance Minister Nirmala Sitharaman recently met with World Bank President Ajay Banga to discuss the engagement of private capital in Global Public Goods. The meeting, which took place on October 24, 2024, focused on how multilateral development banks (MDBs) can better integrate private investment to address global challenges and enhance development outcomes.

Sitharaman and Banga emphasized the need for increased private sector involvement in financing global public goods, which are essential for sustainable development and addressing issues like climate change and public health.

Sitharaman reiterated the importance of reforming MDBs to meet the evolving demands of the 21st century. She highlighted that these institutions should avoid a "mission drift" and ensure their resources are accessible to all countries, particularly in times of crisis.

The Finance Minister assured ongoing support for countries in the Global South, emphasizing India's commitment to providing financial assistance without stringent conditions. This includes extending lines of credit to help build infrastructure in developing nations.