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Informist, Wednesday, Sept. 2, 2026

NEW DELHI – World Bank's Multilateral Investment Guarantee Agency must play a bigger role in India to deepen corporate, infrastructure, and municipal bond markets through systematic use of guarantees and greater mobilisation of private capital, Finance Minister Nirmala Sitharaman told World Bank President Ajay Banga. They also discussed a host of other issues, including ways to change India's relationship with the World Bank from a lender-borrower equation to a platform for global knowledge, innovation, and private capital. 

"Their discussions also covered sector-based, programmatic approach to credit enhancement for Infrastructure," the finance ministry said in a post on X, formerly called Twitter. 

Sitharaman and Banga, who met on the sidelines of the G20 Finance Ministers and Central Bank Governors Meeting in Ashville, also discussed ways to develop globally competitive tourism destinations under the new India–World Bank Group Country Partnership Framework, through a coordinated approach combining the policy of International Bank for Reconstruction and Development and infrastructure support with IFC investment and MIGA guarantees.

The minister also highlighted India's engagement with the World Bank Group on establishing a Global Digital Public Infrastructure Knowledge Hub in India, including exploring opportunities to leverage technology in areas such as agriculture. She looked forward to an early launch of this initiative, the tweet said. 

Sitharaman appreciated the World Bank Group's continued engagement with India and acknowledged the speedy processing of the Development Policy Financing of $1.5 billion. She also lauded IFC's support to micro, small, and medium enterprises through SIDBI, which has had a positive impact on the MSME sector.

According to the post, World Bank President Banga appreciated the significant transformation in India's infrastructure and noted the opportunities to further leverage the World Bank Group's instruments to support India's development ambitions, including through Multilateral Investment Guarantee Agency's engagement and political risk insurance for Indian companies investing overseas.  End

Reported by Radhika Tiwari

Edited by Deepshikha Bhardwaj

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