Union Finance Minister Nirmala Sitharaman represented India at the 9th 9th AIIB Board of Governors Meeting, held in Samarkand, Uzbekistan, on September 25-26, 2024. The meeting focused on discussions related to building resilient infrastructure and climate financing.
Key Details of the 9th AIIB Board of Governors Meeting
The central theme of the meeting was “Building Resilient Infrastructure for All.” This theme highlighted AIIB’s goal of developing tools that help member countries respond to climate-induced challenges. Jin Liqun, President of AIIB, emphasized that 60% of AIIB’s lending in 2024 will focus on climate financing. The meeting also saw Nauru, a Pacific island nation, becoming the 110th member of AIIB.
India’s Role in the AIIB
India is the second-largest shareholder of the AIIB, holding a 7.74% stake. Nirmala Sitharaman, as India’s representative, plays a key role in the discussions and decisions made at these meetings. She met Uzbekistan’s President Shavkat Mirziyoyev on the sidelines of the event, strengthening India-Uzbekistan ties.
Climate Policy-Based Financing (CPBF)
Earlier in 2024, AIIB introduced Climate Policy-Based Financing (CPBF) to mobilize private capital, helping countries meet financial needs for their climate action plans. This financing model is central to AIIB’s strategy to help member countries build infrastructure that can withstand climate risks.
India-Uzbekistan Bilateral Cooperation
During her visit, Nirmala Sitharaman also signed a Bilateral Investment Treaty between India and Uzbekistan. This treaty is expected to promote economic cooperation, benefitting both nations in the long term. Additionally, she held meetings with her counterparts from Uzbekistan, China, and Qatar, and the AIIB President.
Global and National Impact of AIIB Meeting
The AIIB meeting plays a crucial role in shaping future infrastructure investments, especially focused on combating climate change. By focusing on climate financing, it ensures sustainable growth for member nations.
9th AIIB Board of Governors Meeting -Key Facts
- Nirmala Sitharaman represented India at the 9th AIIB Board of Governors meeting.
- Theme: “Building Resilient Infrastructure for All” focused on climate financing.
- AIIB aims to direct 60% of its 2024 lending towards climate-related projects.
- Nauru joined AIIB, bringing the total membership to 110 countries.
- India signed a Bilateral Investment Treaty with Uzbekistan during the event.
| Details | Information |
| Event | 9th AIIB Board of Governors Meeting |
| Location | Samarkand, Uzbekistan |
| Date | September 25-26, 2024 |
| India’s Stake in AIIB | 7.74% |
| New Member | Nauru (110th member) |
| Focus of 2024 Lending | 60% on Climate Financing |
Also Read Latest Current Affairs 2024
| GMS-24- Indian Navy Hosts 5th Edition of Goa Maritime Symposium | Delhi Launches ‘Dust-free Delhi’ Initiative to Combat Air Pollution |
The theme is “Building Resilient Infrastructure for All,” focusing on climate financing and infrastructure development.
India is the second-largest shareholder of AIIB with a 7.74% stake and actively participates in decision-making.
CPBF is a financing model introduced by AIIB to help member countries meet their climate action goals by mobilizing private capital.
Nauru, a small island nation in the Pacific, was approved as the 110th member during the Samarkand meeting.
This treaty aims to promote long-term economic cooperation between the two countries.