India has asked New Development Bank (NDB) to focus on making a strong pipeline of projects in the infrastructure sector which can play a catalytic role in promoting inclusive growth.
“As a top-class financial institution, it (NDB) must develop a strong pipeline of projects and respond in a fast and flexible manner to further the aspirations and interests of its members,” Finance Minister Arun Jaitley said at the first Board of Governors meeting of NDB here.
The speech was read by Joint Secretary in the Finance Ministry Raj Kumar, as Jaitley could not attend the meeting because of the ongoing Parliament session.
The board also decided that the second annual meeting of NDB will be held in India in 2017. “True to its nomenclature, the 'New' Development Bank has to focus on financing demonstrable projects with innovative approaches and instruments for speedy creation of infrastructure,” he said.
He stressed that NDB should focus on energy generation projects, both renewable and non renewable, which utilise cost effective and clean technologies, transport projects and urban sector infrastructure projects.