Overview

• At the New Development Bank’s annual governors meeting in Rio, Sitharaman urged MDBs to adopt stronger, more targeted support for Global South nations facing fiscal pressures, climate risks and geopolitical uncertainty.
• She highlighted asymmetries in global financial flows as a major barrier to long-term investment in renewable energy, urban mobility and climate-resilient infrastructure.
• Sitharaman called on the NDB to play a catalytic role in mobilising private sector capital to address development financing gaps constrained by limited fiscal space.
• She pressed for a renewed mandate for the NDB centred on greater agility, technological advancement and operational efficiency.
• The finance minister stressed tailored support for small and medium enterprises—particularly women-led—to ensure inclusive participation and gender equity.