Washington: Indian Union Finance Minister Nirmala Sitharaman held a series of bilateral meetings with key global financial leaders on the sidelines of the G20 Finance Ministers and Central Bank Governors meeting in Asheville.
In the meeting with World Bank President Ajay Banga, Sitharaman discussed strengthening India’s partnership with the World Bank Group, with a focus on infrastructure financing, bond markets, emerging technologies, and mobilization of private capital.
The Finance Minister appreciated the World Bank Group’s continued engagement with India and acknowledged the swift processing of a $1.5 billion Development Policy Financing program.
Sitharaman also welcomed the International Finance Corporation’s support for MSMEs through SIDBI, which the Finance Ministry said was processed in record time.
The two leaders discussed expanding the role of the Multilateral Investment Guarantee Agency (MIGA) in India to deepen corporate, infrastructure, and municipal bond markets through the systematic use of guarantees and greater private capital mobilization.
Discussions also covered a sector-based, programmatic approach to credit enhancement for infrastructure projects.
Banga noted the significant transformation in India’s infrastructure and highlighted opportunities to further leverage the World Bank Group’s financing instruments to support the country’s development ambitions.
This could include MIGA’s engagement and political risk insurance for Indian companies investing overseas.
Union Minister for Finance & Corporate Affairs Smt. @nsitharaman met Mr. Ajay Banga, President @WorldBankGroup, on the sidelines of the G20 Finance Ministers and Central Bank Governors (FMCBG) Meeting, in Asheville, today.
The Union Finance Minister appreciated the World Bank… pic.twitter.com/zDJmNb62nG
— Ministry of Finance (@FinMinIndia) September 1, 2026
Sitharaman also highlighted India’s engagement with the World Bank Group in establishing a Global Digital Public Infrastructure Knowledge Hub in India, including the use of technology in sectors such as agriculture.
The two leaders further discussed developing globally competitive tourism destinations under the new India–World Bank Group Country Partnership Framework, combining policy and infrastructure support from the International Bank for Reconstruction and Development, IFC investments, and MIGA guarantees.
Separately, Sitharaman met International Monetary Fund Managing Director Kristalina Georgieva to discuss the global economic outlook and India’s evolving growth trajectory.
Georgieva praised India’s strong economic performance and the resilience built by its economy. Sitharaman highlighted India’s robust macroeconomic fundamentals and stressed the need for evidence-based surveillance frameworks that adequately reflect structural shifts in emerging markets and developing economies.
The discussions also covered IMF capacity-development initiatives, including support for institutional strengthening, macroeconomic policymaking, and statistical systems.
Both leaders underscored the importance of continued India-IMF engagement to strengthen analytical capabilities, support sound macroeconomic policies, and contribute to global economic resilience.
