Nirmala Sitharaman reaches South Korea on 4-day Visit, will attend ADB Meeting
Ten News Network
New Delhi (India), 2nd May 2023: Nirmala Sitharaman, Finance Minister of India, will attend the Asian Development Bank’s (ADB) 56th annual meeting this week, from May 2-5. Beginning Tuesday, the finance minister will travel to South Korea for a four-day visit.
FM Sitharaman arrived at Incheon Airport in South Korea on Tuesday. Amit Kumar, India’s Ambassador to the Republic of Korea, was present there to welcome her at the airport.
The Finance Ministry tweeted on Tuesday, “Union Finance Minister Smt. @nsitharaman reached the Republic of Korea for her 4-day official visit. She was received by Shri @KumarAmitMEA, Ambassador of India to the Republic of Korea, upon her arrival at the Incheon Airport today early morning (KST).”
Sitharaman will address investors and undertake bilateral discussions in addition to attending the ADB’s Annual General Meeting of the Board of Governors.
The Union Finance Minister will also participate in roundtable discussions with global business leaders and investors, as well as engage with the community diaspora.
FM Sitharaman will take part in annual meeting highlights such as the Governors’ Business. She will also speak on a panel at the ADB Governors’ Seminar on ‘Policies to Support Asia’s Rebound’.
Meanwhile, the Asian Development Bank (ADB) on Tuesday announced a financial guarantee facility to assist the region in reducing greenhouse gas emissions and building climate-resilient infrastructure.
The new funding structure is the first of its sort established by a development bank, and it highlights the pressure that such lenders face from shareholders to innovate in order to address a climate crisis that has devastated Asia.
Denmark, Japan, South Korea, Sweden, the United Kingdom, and the United States have agreed to guarantee part of the lender’s loans and bear losses if its borrowers default.
It will free up capital that the ADB needs to hold for credit risk, allowing it to expand lending to Asian climate-related projects.
