Sitharaman urges G7, G20 to intensify support for African nations
ECONOMY & POLICY

Sitharaman urges G7, G20 to intensify support for African nations

Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman, urged G7 and G20 nations to increase their support for African countries, emphasising India’s commitment to the continent in key areas such as infrastructure and healthcare, according to a statement from the Ministry of Finance. The Finance Minister attended the G7 African Ministerial Roundtable alongside the Annual Meetings 2024.

In her address, Sitharaman highlighted the long-standing partnership between India and Africa, which Prime Minister Narendra Modi has strengthened with ten guiding principles aimed at fostering African growth through capacity-building, improved public services, and climate change initiatives. She called for enhanced access to long-term, affordable financing to support development and advocated structural reforms and policy measures to mobilise domestic resources and attract foreign investment, which are vital for financial resilience and meeting the Sustainable Development Goals (SDGs).

Sitharaman also highlighted the necessity of greater support from international financial institutions and stressed the importance of boosting the lending capacities of Multilateral Development Banks (MDBs) as a means to effectively advance the SDGs.

Earlier, the Union Minister met with Gita Gopinath, First Deputy Managing Director (FDMD) of the International Monetary Fund (IMF), in Washington, D.C., where she congratulated Gopinath on the successful conduct of the Annual Meetings 2024 and shared optimism for continued collaboration. The meeting also included a discussion of recent Union Budget announcements focused on job creation and upskilling. In a post on X, the Ministry of Finance noted that Gopinath had requested India’s support for the 16th General Review of Quotas (GRQ).

In her own post on X, Gopinath expressed delight at reconnecting with the Finance Minister and praised India’s economic prospects, stating that with projected growth of 7% for FY2024-25, India is poised to continue as the fastest-growing major economy globally.

Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman, urged G7 and G20 nations to increase their support for African countries, emphasising India’s commitment to the continent in key areas such as infrastructure and healthcare, according to a statement from the Ministry of Finance. The Finance Minister attended the G7 African Ministerial Roundtable alongside the Annual Meetings 2024. In her address, Sitharaman highlighted the long-standing partnership between India and Africa, which Prime Minister Narendra Modi has strengthened with ten guiding principles aimed at fostering African growth through capacity-building, improved public services, and climate change initiatives. She called for enhanced access to long-term, affordable financing to support development and advocated structural reforms and policy measures to mobilise domestic resources and attract foreign investment, which are vital for financial resilience and meeting the Sustainable Development Goals (SDGs). Sitharaman also highlighted the necessity of greater support from international financial institutions and stressed the importance of boosting the lending capacities of Multilateral Development Banks (MDBs) as a means to effectively advance the SDGs. Earlier, the Union Minister met with Gita Gopinath, First Deputy Managing Director (FDMD) of the International Monetary Fund (IMF), in Washington, D.C., where she congratulated Gopinath on the successful conduct of the Annual Meetings 2024 and shared optimism for continued collaboration. The meeting also included a discussion of recent Union Budget announcements focused on job creation and upskilling. In a post on X, the Ministry of Finance noted that Gopinath had requested India’s support for the 16th General Review of Quotas (GRQ). In her own post on X, Gopinath expressed delight at reconnecting with the Finance Minister and praised India’s economic prospects, stating that with projected growth of 7% for FY2024-25, India is poised to continue as the fastest-growing major economy globally.

Next Story
Infrastructure Energy

REC Transfers HVDC Project to Power Grid

REC Limited has successfully handed over the Special Purpose Vehicle (SPV) for a High-Voltage Direct Current (HVDC) transmission project to Power Grid Corporation of India Limited (PGCIL). This strategic move aligns with the nation's objectives to strengthen its power transmission network. Key Highlights: Project Overview: The HVDC project, under the inter-state transmission system (ISTS) initiative, is a critical component of India's push toward robust and efficient electricity transmission. It aims to handle bulk power transfer across long distances while ensuring minimal losses. Role of RE..

Next Story
Infrastructure Transport

NF Railway Collaborates with IIT Guwahati

The Northeast Frontier (NF) Railway has signed strategic Memorandums of Understanding (MoUs) with IIT Guwahati to foster technological advancements and improve railway operations in the region. This partnership focuses on innovative solutions to enhance safety, efficiency, and sustainability in rail infrastructure. Key Highlights: Purpose of MoUs: The collaboration aims to leverage IIT Guwahati's expertise in technology and research for implementing cutting-edge solutions across railway operations. Key areas of focus include: Automation and digitization in maintenance. Sustainability initiati..

Next Story
Infrastructure Transport

Danapur Division Modernization Plans Revealed

The Railway Board has unveiled ambitious plans for the expansion and modernization of the Danapur Division, a critical hub under the East Central Railway. The initiative focuses on infrastructure development, enhanced passenger amenities, and operational efficiency. Key Highlights: Scope of Modernization: The Railway Board's blueprint emphasizes: Upgrading existing infrastructure to accommodate more passenger and freight traffic. Improving station facilities, such as platforms, waiting areas, and connectivity. Introducing advanced signal systems for safer and smoother operations. Freig..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000