Finance Minister Sitharaman urges G7, G20 nations to intensify support for African nations
Nirmala Sitharaman urged the G7 and G20 nations to intensify their support for the African countries and highlighted India's commitment to the continent, particularly in areas such as infrastructure development and healthcare.
The Finance Minister participated in the G7 African Ministerial Roundtable on Saturday (local time), the Ministry of Finance stated.
During her address at the meet on the sidelines of the Annual Meetings 2024, Sitharaman highlighted the «deep-rooted partnership between India and Africa, which has been redefined by Prime Minister Narendra Modi through 10 guiding principles» that aim to support Africa's growth by focusing on capacity-building, enhancing public services, and addressing climate change, the Ministry added.
The Finance Minister stressed the importance of scaling up access to long-term and affordable financing for development and called for structural reforms and policy measures to promote domestic resource mobilisation and attract foreign investment that are crucial for building long-term financial resilience and achieving the Sustainable Development Goals (SDGs).
Sitharaman particularly highlighted the need for increased support from international financial institutions and underscored the importance of enhancing the lending capacities of Multilateral Development Banks (MDBs) as essential for effectively reaching the SDGs.
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