International Conference on G20 Trade Finance Cooperation during the 1st Trade and Investment Working Group (TIWG) Meeting, scheduled in Mumbai on March 28th, 2023

 

Ministry of Commerce & Industry

Posted On: 27 MAR 2023 2:47PM by PIB Mumbai

Mumbai: 27th March, 2023

 

The 1st Trade and Investment Working Group (TIWG) meeting under India’s G20 Presidency is scheduled in Mumbai, from March 28 − 30, 2023. During the three-day meeting, over 100 delegates from G20 member countries, invitee countries, regional groupings and international organizations will engage in deliberations to accelerate global trade and investments

On the first day, on March 28, an International Conference on ‘Trade Finance’ will be held. This International Conference is being organized by Export Credit Guarantee Corporation of India (ECGC) and India EXIM Bank.

Trade finance supports economic growth, and it is integral for maintaining international trade flows, for mitigating risks emerging from tight liquidity. Around 80% of all international trade uses some type of trade finance instrument, such as letter of credit, supply chain financing, invoice discounting and receivables financing. Global trade finance involves a number of parties, including banks, trade finance companies, export credit agencies, insurers, importers and exporters. Trade finance is the lifeblood of cross-border trade. It is estimated that in 2020, $9 trillion of trade finance transactions were supported by major global banks. Yet, trade finance gap is widening. As estimated by the Asian Development Bank (ADB), the gap which was $1.5 trillion in 2018 has now increased to $ 2 trillion. It is thus imperative to deliberate on action-oriented solutions that can reduce finance gap and make it accessible harnessing the potential of digital tools and technology. Micro, Small and Medium Enterprises (MSMEs) which sustain livelihoods and contribute to global economic growth in both the developing and developed countries, are disproportionately affected by the yawning trade finance gap.

In this backdrop, this International Conference will hold two sessions. The first session will highlight the role of banks, financial institutions, development finance institutions and export credit agencies in closing the trade finance gap, and the second session will delve into how digitalization and fintech solutions can improve access to trade finance.

Session 1: The role of banks, financial institutions, development finance institutions and export credit agencies in closing the trade finance gap

Moderator: Ms. Latha Venkatesh, Executive Editor, CNBC TV 18 

Panel members: Mr. Steven Beck, Head of Trade Finance, ADB; Prof. Andreas Klasen, Professor of International Business and Director, IFTI, Offenburg University, Germany; Mr. Gaurav Bhatnagar, Managing Director, Standard Chartered Bank

The first session will take a macro view of the current trends in international trade and trade finance, and their future prospects. Some key pointers of the discussion are listed below:

1. Current trends in international trade and trade finance amidst the pandemic and growing import bills in developing countries.

2. Cause of trade finance gaps, including reduced credit line support in the private sector and inflation cuts into bank lending limits.

3. The role of export credit agencies in bolstering trade finance

Session 2: Accelerating digitalisation and fintech solutions can improve access to trade finance

Moderator: Ms. Tamanna Inamdar, TIMES Group

Panel members: Mr. John Drummond, Head of the Trade in Services Division of OECD; Mr. Fareed Alasaly, Deputy Governor of International Organizations and Agreements, Saudi Arabia; Mr. Ketan Gaikwad, MD & CEO, Receivables Exchange of India Limited

During this session, trends in digitalisation of trade finance will be discussed in detail, and how these can accelerate innovation and efficiency to make trade finance accessible for firms, especially MSMEs. The discussion will also look at current and emerging fintech solutions that can assist in making customized lending decisions as well as enhance trade finance supply for MSMEs. Some of the specific discussions would include:

1. Need for digitalising trade finance by working with multiple stakeholders to innovate advanced technologies for revamping the trade ecosystem in entirety

2. Scope of digitalisation of MSMEs to reduce the implementation time and cost, and promote innovation in the supply of finance for low-value or single transactions since major bottlenecks arise due to high-cost services and the cost of cyber security risk mitigation strategies.

3. Emerging solutions in financial technologies, such as network data, real-time payment behaviours, SaaS based technologies and optical character recognition.

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T Ten Global Sports Announces the Indian Masters T10.

The Inaugural Season will see a fusion of India’s two biggest entertainment industries Cricket & Bollywood.  The legendary Retired stars of International Cricket Battle it out against each other in India and some franchisees are to be co-owned by A listed celebrities  

Mumbai, India, March 27, 2023 

The most iconic legends of international cricket players will be part of the revolutionary new tournament, The Indian Masters T10.  

The thrilling ten-over format matches will take place from the 14th of June 2023 to 28th of June 2023, will consist of 19 matches spread across 12 game days. The tournament will have six franchisees with each team Co-owned by an A-list Bollywood celebrity along with a large corporate house.  

The ingenuity of the league that sees stars of the entertainment and sports industry come together, has added to the glitz and glamour of the innovative league. The league will be packaged as the most entertaining sports league out there as it captures the imagination of cricket fans across the globe. The league’s vision of bringing in stars of the entertainment industry will surely boost the popularity of the competition amongst the most ardent of cricket fans and allow for unique fan engagement opportunities for each of the six franchises set to be part of the inaugural edition of the tournament as they shine the spotlight on most thrilling and fast-paced format of cricket.  

After six momentous editions of the Abu Dhabi T10, T Ten Global Sports are thrilled to announce the Inaugural edition of the, The Indian Masters T10. The very best retired icons of global cricket are on their way to India to take part in a highly entertaining tournament that will see nostalgia reach new heights. A total of 90 former legends of international cricket will battle it out in 10-overs-a-side matches that will last only 90 minutes, as they showcase their exhilarating skill in some fast-paced thrilling action filled with a lot of sixes and wickets. Six franchises comprising retired cricketers with a squad of 15 players minimum will clash against each other in India.

Former Indian cricket stars like Suresh Raina, Robin Uthappa, Murali Vijay, Harbhajan Singh, Yusuf Pathan, Irfan Pathan, Pragyan Ojha, Mohammed Kaif and many others top international names like Kieron Pollard, Dwayne Bravo, Jacque Kallis, Eoin Morgan, Chris Gayle, Brett Lee are expected to take part in the 1st ever edition of the Indian Masters T10 set to be held in India, with a plethora of retired Indian and International cricketers set to be part of the competition.  

Nostalgia is set to take over fans as they get to witness their favourite former cricketers compete with and against each other in cricket's fastest format that is growing exponentially in popularity with each passing edition of the Abu Dhabi T10. 

During the announcement press-conference in Mumbai, India at St. Regis Hotel in Lower Parel, Shaji-Ul- Mulk, Chairman, T10 Sports Management, said, “We are thrilled to bring to India the T10 brand of cricket engaging the legendary masters of the game. The fast pace nature of the 10 overs per innings format coupled with the skill of the masters and cheered by the celebrities is bound to improve fan engagement and provide non-stop entertainment.” 

The new logo of the Indian Masters T10, set to be played from 14th June 2023 to 28th June 2023 was also revealed at the reception in the evening. 

Speaking on the momentous occasion Mohammed Kaif and Robin Uthappa, who were present at the press conference in St.  Regis spoke about the Indian Masters T10 with immense delight. 

Mohammed Kaif, said, “I have commentated on the Abu Dhabi T10, and always wanted to play in it because it’s such an exciting format, finally I have got the chance and I cannot wait to step out on the pitch for it.  Since it’s such a fast-paced format it becomes a game of skill and power, not fitness which is especially suited to former cricketers like us. The approach of each player is also to go all-guns blazing from the first ball itself, so expect a lot of sixes, wickets and stunning catches throughout the tournament, which will get fans off their seats.” 

“I think when legends of the game come together and play it brings back a lot of memories and makes you nostalgic, which I really enjoy and it's always nice for me. To be able to be a part of this Indian Masters T10 League, I think is actually a pleasure and the fact, that I get to play with a lot of my Teammates through my career to actually interact with them again and go back into that mindset of competing together would be absolutely the best. I am very excited as well for the Indian Masters T10, I honestly cannot wait.”, said Robin Uthappa while adding to Kaif’s sentiment. 

Mr. Rajeev Khanna, Chief Operating Officer, of T10 Sports Management, added to the same as he said, “This is the fastest format of cricket. The games are only 90 minutes long. There is no other game in The Olympics except golf, which lasts more than 90 minutes. So that's the reason this detailed format is the best for the Olympics of the future. It also is also helping associate nations build their grass-roots in terms of cricket specially since it’s packaged in such an entertaining and quick format, it is helping them understand the rules of the game better, which will eventually result in Cricket becoming a truly global sport.” 

The star-studded glamorous event was attended by the top senior management of most of the IPL Teams and top corporate houses, media moguls, media agencies and many VVIP guests showing interest in the property.  

Vaani Kapoor, Yohani, Elli Avram and Anamta provided the entertainment the night at reception after the Indian Masters T10 tournament was officially announced at St. Regis in Mumbai on the 27th of March 2023. 

About Abu Dhabi T10  

Abu Dhabi T10 is the world’s only ten-over cricket tournament officially sanctioned by the International Cricket Council (ICC) and licensed by the Emirates Cricket Board (ECB). It is the first ever internationally approved ten-over format competition. The second edition of Abu Dhabi T10 will be held from 28th January - 6th February 2021. Abu Dhabi T10 is a UAE product that has grown into a globally accepted cricket format. Matches have a 10-over-a-side format and duration of 45 minutes a side totalling 90 minutes of play.  

  

The tournament is played over ten days, with a round robin followed by semi-finals and the final. The Abu Dhabi T10 tournament is a short, high energy format loved by global audiences and international cricket stars alike.

Dr. Kant Shah’s Borivali Healthcare brings affordable world-class healthcare services to suburbs

Mumbai, March 2023

The healthcare industry in Mumbai has received a significant boost with the opening of a new hospital in Borivali. The hospital, named Borivali Healthcare, has been developed with the aim of providing world-class healthcare services to patients in the suburbs. The hospital is equipped with state-of-the-art medical equipment and has a team of highly skilled doctors, nurses, and other medical staff. BHC offers a wide range of medical services, including General medicine and Critical care (ICU), 3D Laparoscopy surgery, Urology, Women's and Children's specialist services, Cosmetic Surgery, ENT, Cancer care, Day care surgery and much more.

"We are delighted to launch Borivali Healthcare in Borivali, Mumbai," said Dr. Kant Shah, CEO of Borivali Healthcare. "Our aim is to provide the highest quality healthcare services to patients in the region. We have invested heavily in state-of-the-art medical equipment and have assembled a team of highly skilled doctors and medical staff to ensure that patients receive the best possible care."

BHC has been designed to provide a comfortable and welcoming environment for patients and their families. The hospital's facilities include a spacious reception area, comfortable waiting areas, and private rooms for patients. BHC is committed to providing affordable healthcare services to patients in the region. 

"We are committed to making healthcare accessible to everyone," said Dr. Kant Shah  "We believe that everyone deserves access to high-quality healthcare services, regardless of their financial situation. We are proud to be able to offer affordable healthcare services to patients in Mumbai and surrounding areas."

Metropolis’ MedEngage Scholarship Program recognizes 250 medical students with Scholarship grants.

~Total Scholarships worth up to 1.7 crore were given to students across the country~

~Nearly 50% of Scholarship beneficiaries were female doctors~

~2670 plus registrations received from 516 cities across 29 states in India~

India, Mumbai, 26th March 2023: Metropolis Foundation, the CSR arm of Metropolis Healthcare, organized the 5th edition of the MedEngage Scholarship Summit 2023 today. The MedEngage Scholarship Programme, a flagship CSR initiative of Metropolis, awarded scholarship grants totaling INR 1.7 crore to 250 medical students (final year MBBS and MD/DNB). This is in recognition of their achievements towards academic scores, extra-curricular activities, and research papers/thesis presentations.

Envisioned by Metropolis Chairman Dr. Sushil Shah, MedEngage is a holistic medical outreach programme that aims to nourish and nurture the young medical talent that essentially forms the future of healthcare acumen in India. The programme supports the deserving and meritorious students to contribute to healthcare research in the country by rewarding them with financial grants and by providing them with practical knowledge through Metropolis’ world-class laboratories and panel of experts on board.

This year’s edition of the MedEngage Scholarship programme received over 2670 applications from 516 cities across 29 states in India. The programme covered more than 500 medical colleges, including government and private ones in the country. The participants had to go through a stringent selection process based on their academic performance and several other evaluation parameters. Ernst & Young LLP was appointed as the process advisor for this scholarship programme. 

Commenting on the MedEngage Scholarship Programme, Dr. Duru Shah, Chairperson, Metropolis Foundation said: “We are extremely happy to receive the overwhelmingly positive responses from the young medical doctors for this scholarship programme year after year. We firmly believe that education is essential to the holistic development of the nation’s youth. Through the MedEngage program, Metropolis Foundation hopes to improve the academic landscape in the country and “Empower and Encourage” our students - Our Future Healthcare warriors to contribute to the healthcare ecosystem.”

Dr. Kirti Chadha, Chief Scientific Officer and Group Head – CSR, Metropolis Healthcare commented: “MedEngage, a medical college outreach program conceptualized by our honorable Chairman and executed by the CSR arm of Metropolis embodies the true values of Metropolis Foundation – to nurture, educate, empower, and encourage young medical students in their undergraduate and post graduate critical formative years. We conducted numerous surveys and interviews of potential beneficiaries before launching this program and weaved in all areas where tomorrow’s doctors need hand holding, guidance, orientation, financial and academic research support. We opened our doors and our resources to budding medical minds to enable them to succeed nationally and internationally. This timely support serves as a steppingstone for them in their difficult pursuit of excellence journey spanning science & innovation. Digitization of the module scope and beneficiary application has further helped us reach remote corners of the country impacting across tier city boundaries. As medical colleges and DNB hospitals in the country increase, we have also been increasing our budget and number of beneficiaries to ensure a sizeable percentage of eligible population gets impacted with program benefits.”

Under the gamut of MedEngage platform, students also avail for Observership Program, Academic Research Support, Laboratory Tour, and Internships etc. Recently, the MedEngage platform introduced a brand-new programme called ‘MedTalk’. A web series, MedTalk is an interactive session for senior and young doctors to co-create a futuristic healthcare vision. It gives a platform for aspiring doctors to learn directly from experts and expand their horizons. By enlisting a panel of medical and scientific experts, the long-term goal of MedEngage is to create a knowledge community and a strong platform to discuss and share industry’s best practices in India and beyond. 

The Summit celebrated scholarship recipients in six different categories, including Champion of Champions, Pedagogue, Scholar Collar, The Vibrant One, Wizkid, and Wordsmith. Medical Luminaries from different specialities graced the event as speakers and helped honour the GenNext, the nation’s up-and-coming medical talent. 

For more information on MedEngage, visit www.med-engage.com. 

***********************************************************************************************************

About Metropolis Foundation:

Metropolis Foundation (earlier known as Women Empowerment Foundation) is the Corporate Social Responsibility arm of Metropolis Healthcare, which is focused on positively impacting the lives of the people. In line with the UN Sustainable Development Goals, (i.e., SDG 3,4,5), Metropolis Foundation’s CSR initiatives are aimed towards imparting education, creating awareness on Gender, Equality, Health, and Women Empowerment. 

For the past 3 decades, Metropolis has been at the forefront in conducting impactful camps and driving numerous workshops for different sections of the society. The company has partnered with societies, corporate groups, educational institutions, government bodies, NGOs, wellness foundations and a host of other organizations to make a difference to the lives of people. Metropolis is currently driving three CSR programs i.e., MedEngage Scholarship Program, Too Shy to Ask (TSTA) and MedEngage DSEU. 

Metropolis’ MedEngage Scholarship Program recognizes 250 medical students with Scholarship grants.

~Total Scholarships worth up to 1.7 crore were given to students across the country~

~Nearly 50% of Scholarship beneficiaries were female doctors~

~2670 plus registrations received from 516 cities across 29 states in India~

India, Mumbai, 26th March 2023 : Metropolis Foundation, the CSR arm of Metropolis Healthcare, organized the 5th edition of the MedEngage Scholarship Summit 2023 today. The MedEngage Scholarship Programme, a flagship CSR initiative of Metropolis, awarded scholarship grants totaling INR 1.7 crore to 250 medical students (final year MBBS and MD/DNB). This is in recognition of their achievements towards academic scores, extra-curricular activities, and research papers/thesis presentations.

Envisioned by Metropolis Chairman Dr. Sushil Shah, MedEngage is a holistic medical outreach programme that aims to nourish and nurture the young medical talent that essentially forms the future of healthcare acumen in India. The programme supports the deserving and meritorious students to contribute to healthcare research in the country by rewarding them with financial grants and by providing them with practical knowledge through Metropolis’ world-class laboratories and panel of experts on board.

This year’s edition of the MedEngage Scholarship programme received over 2670 applications from 516 cities across 29 states in India. The programme covered more than 500 medical colleges, including government and private ones in the country. The participants had to go through a stringent selection process based on their academic performance and several other evaluation parameters. Ernst & Young LLP was appointed as the process advisor for this scholarship programme. 

Commenting on the MedEngage Scholarship Programme, Dr. Duru Shah, Chairperson, Metropolis Foundation said: “We are extremely happy to receive the overwhelmingly positive responses from the young medical doctors for this scholarship programme year after year. We firmly believe that education is essential to the holistic development of the nation’s youth. Through the MedEngage program, Metropolis Foundation hopes to improve the academic landscape in the country and “Empower and Encourage” our students - Our Future Healthcare warriors to contribute to the healthcare ecosystem.”

Dr. Kirti Chadha, Chief Scientific Officer and Group Head – CSR, Metropolis Healthcare commented: “MedEngage, a medical college outreach program conceptualized by our honorable Chairman and executed by the CSR arm of Metropolis embodies the true values of Metropolis Foundation – to nurture, educate, empower, and encourage young medical students in their undergraduate and post graduate critical formative years. We conducted numerous surveys and interviews of potential beneficiaries before launching this program and weaved in all areas where tomorrow’s doctors need hand holding, guidance, orientation, financial and academic research support. We opened our doors and our resources to budding medical minds to enable them to succeed nationally and internationally. This timely support serves as a steppingstone for them in their difficult pursuit of excellence journey spanning science & innovation. Digitization of the module scope and beneficiary application has further helped us reach remote corners of the country impacting across tier city boundaries. As medical colleges and DNB hospitals in the country increase, we have also been increasing our budget and number of beneficiaries to ensure a sizeable percentage of eligible population gets impacted with program benefits.”

Under the gamut of MedEngage platform, students also avail for Observership Program, Academic Research Support, Laboratory Tour, and Internships etc. Recently, the MedEngage platform introduced a brand-new programme called ‘MedTalk’. A web series, MedTalk is an interactive session for senior and young doctors to co-create a futuristic healthcare vision. It gives a platform for aspiring doctors to learn directly from experts and expand their horizons. By enlisting a panel of medical and scientific experts, the long-term goal of MedEngage is to create a knowledge community and a strong platform to discuss and share industry’s best practices in India and beyond. 

The Summit celebrated scholarship recipients in six different categories, including Champion of Champions, Pedagogue, Scholar Collar, The Vibrant One, Wizkid, and Wordsmith. Medical Luminaries from different specialities graced the event as speakers and helped honour the GenNext, the nation’s up-and-coming medical talent. 

For more information on MedEngage, visit www.med-engage.com. 

***********************************************************************************************************

About Metropolis Foundation:

Metropolis Foundation (earlier known as Women Empowerment Foundation) is the Corporate Social Responsibility arm of Metropolis Healthcare, which is focused on positively impacting the lives of the people. In line with the UN Sustainable Development Goals, (i.e., SDG 3,4,5), Metropolis Foundation’s CSR initiatives are aimed towards imparting education, creating awareness on Gender, Equality, Health, and Women Empowerment. 

For the past 3 decades, Metropolis has been at the forefront in conducting impactful camps and driving numerous workshops for different sections of the society. The company has partnered with societies, corporate groups, educational institutions, government bodies, NGOs, wellness foundations and a host of other organizations to make a difference to the lives of people. Metropolis is currently driving three CSR programs i.e., MedEngage Scholarship Program, Too Shy to Ask (TSTA) and MedEngage DSEU. 

Union Minister of State for Commerce and Industry, Anupriya Patel, urges exporters to focus on untapped potential in every district to diversify export basket, reiterates the slogan, ‘Vocal for local and local goes global’

 Union Minister of State for Commerce & Industry confers awards to top performers at the 6th and 7th Set of Export Excellence Awards organised by the Federation of Indian Export Organisations (WR)

Posted On: 25 MAR 2023 4:41PM by PIB Mumbai

Mumbai, 25 March 2023

 

The ‘Exports Excellence Awards’ were conferred by Union Minister of State for Commerce and Industry, Anupriya Patel, to encourage, motivate and recognize the best performing exporters from Western Region, here in Mumbai today. The Federation of Indian Export Organisations (FIEO) organized the 6th and 7th Set of Export Excellence Awards, for the members who have excelled in export performance of goods and services during the financial years 2018-19 and 2019-20 respectively.

Speaking on the occasion, the Union Minister of State for Commerce and Industry, Anupriya Patel, said, “The western region has contributed almost 50 % to India’s merchandise export. Looking at this contribution we have every reason to celebrate this achievement. I hope the award winners continue to serve as role models and inspire others.”

Referring to the role of exports during Amrit Kaal, she said, “The efforts we take today go a long way in fulfilling the Prime Minister’s vision for the nation. We are now in Amrit Kaal and the next 25 years are important for us to dream and make sure our dreams come true. The export community must contribute towards a developed India. Its contribution is huge for the brand image of the country. Ministry of Commerce and Industry is with you at all steps to assist and support you.”

Urging exporters to make the most of increasing bilateral engagements she said, “Today we are lauded as the fifth largest economy. In next 4-5 years we are poised to be 3rd largest. The Government is making sure that as we advance, we create more opportunities. Our bilateral engagement has been increasing in terms of the large number of FTAs we are negotiating with UAE, Australia and others. Make use of these opportunities to reach global markets.”

With regard to expanding the scope of exports the Minister stated, “The Prime Minister says that every district of India has immense potential, comparable to a single country in the world. Why not focus on that untapped potential for exports and the slogan ‘Vocal for local and local goes global.’ Exporters must focus on diversifying the export basket and reaching greater number of destinations. For this we are working on an initiative - District as Export Hub.”

Stressing on the importance of creativity and innovation she noted, “Creativity and innovation very important in exports. As exporters you know the significance of being more innovative in products. I urge you to invest more in research. Global markets today are evolving. We have to understand and adapt to changing needs of the time. “

Concluding her key note address, Union Minister of State for Commerce and Industry congratulated the top performers said, “I hope you will continue to contribute towards the bigger target that we have for 2030 of reaching one trillion dollar of merchandise and service exports each.”

During the ceremony, the Union Minister of State for Commerce & Industry conferred 67 awards to the exporters from the region which comprised of MSME, Non-MSME, and Services for their outstanding export performance. Banks/Financial Institutions were also awarded for outstanding export finance lending. There were multiple categories under which exporters were awarded, so as to ensure that all deserving exporters got sufficient encouragement and motivation. Exporters from all commodity groups are awarded during this award.

   

While welcoming Smt. Anupriya Patel, Hon’ble Minister of State, Commerce & Industry, Dr. A Saktivel, President, FIEO stated that her presence will not only encourage exporters, but will also inspire them to meet emerging global challenges. The exceptional achievement by our Award Winners clearly shows that when going gets tough, the tough gets going. He stated that the aggregate exports in the current fiscal is expected to be between US$ 775-790 billion exhibiting a growth of about 12% over the record exports of US$ 672 billion in 2021-22. A double-digit growth in exports, when the global situation is becoming tougher and global trade moderating, is encouraging particularly as many of our competing countries are witnessing a sharp decline in their exports. He congratulated the award winners for their excellent performance and contribution towards the economy. While appreciating the efforts of Ministry of Commerce in setting up Council for Trade Development and Promotion with Trade/Commerce Ministers of States as members , he said that this provides a platform to state governments for articulating their perspective on trade policy and pursuing export strategies in line with national foreign trade policy.

Congratulating the award winners, Shri Paresh Mehta, Regional Chairman-WR, FIEO highlighted the significance of the Western Region Export Awards, as it felicitates top performing exporters from 5 major states of India, Maharashtra, Gujarat, Madhya Pradesh, Goa & Chhattisgarh. He said that the Export Excellence Awards add a zeal amongst the exporter community to achieve new milestones.

Shri Khalid Khan, Vice President proposed vote of thanks to the Hon’ble Chief Guest, awardees, senior Govt. officials and all the guest for their valuable presence. He told exports are not only vital for earning the valuable foreign exchange but more importantly creating employment opportunities and giving a push to a country's GDP.

Leading industry heads, Central and State Government officials, representatives from International diplomatic community, representatives from Trade & associations and Exporters attended the function.

 

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PIB Mumbai | Nikita / Darshana

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AIIB Enhances Support for Southeast Asia’s Green Transition and Sustainable Infrastructure Development, Board of Directors Meets at Bank’s Headquarters

On March 21-23, AIIB’s Board of Directors met at the AIIB Headquarters for its quarterly meeting.

Beijing—The Board of Directors of the Asian Infrastructure Investment Bank (AIIB) has approved an investment of up to USD120 million in the Seraya Southeast Asia Energy Transition and Digital Infrastructure Fund (the Fund). The investment aims to support the region’s green energy transition and technology-enabled infrastructure development, which is also expected to improve cross-border digital connectivity within Asia.

The Fund aims to allocate its investments in digital infrastructure (e.g., data centers) and energy transition opportunities (e.g., offshore wind farm vessel operations, transport electrification opportunities, low energy building solutions and other related subsectors). 

While green energy transition is the centerpiece of global efforts to achieve sustainable development, address climate change and accelerate a new age of inclusive, low-carbon growth, the Fund is expected to contribute toward the reduction of greenhouse gas emissions and achievement of Net-Zero targets through increasing renewable energy capacity. 

“AIIB plays a major role in building more resilient and sustainable energy infrastructure to deliver significant socioeconomic benefits, meet growing demand of our Members’ economies and help achieve global climate objectives,” said Urjit R. Patel, AIIB Vice President, Investment Operations (Region 1). “AIIB is committed to catalyzing the flow of capital toward renewables and energy transition-related infrastructure to build a more resilient and sustainable energy system for our Members.”

On March 21-23, AIIB’s Board of Directors met for their quarterly meeting. This is the first time for the meeting to be held in person since COVID-19. Almost 100 delegates attended the Board meeting and various other formal and informal meetings and events.

About AIIB

The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank whose mission is financing the Infrastructure for Tomorrow—infrastructure with sustainability at its core. We began operations in Beijing in January 2016 and have since grown to 106 approved members worldwide. We are capitalized at USD100 billion and Triple-A-rated by the major international credit rating agencies. Working with partners, AIIB meets clients’ needs by unlocking new capital and investing in infrastructure that is green, technology-enabled and promotes regional connectivity.