Finance Minister Nirmala Sitharaman on Tuesday urged the Asian Development Bank (ADB) to support India with more concessional climate finance, given the high regional and global impact of the country's economic growth prospects. Sitharaman raised the issue during a bilateral meeting with ADB President Masatsugu Asatkawa in her ongoing visit to South Korea to attend ADB annual meeting.

"FM urged ADB to support India with more concessional climate finance, as India's economic and developmental progress can have huge positive impact regionally and globally," said a tweet from the Ministry of Finance. Sitharaman also advised ADB to introspect and assess how the bank can effectively support developing member countries, the tweet added.

During the meeting with Asatkawa, Sitharaman said India continues to be the most significant country for ADB's sovereign and non-sovereign operations and also expressed support for innovative financing mechanisms to enhance the lending capacity of the bank.

"Asakawa reiterated ADB's commitment of providing $100 billion climate finance to its member countries and also thanked India for support to ADB's innovative finance facility for climate in Asia and the Pacific," the ministry said in the tweet.

Finance Minister Sitharaman is on an official tour with an Indian delegation at the 56th Annual General Meeting of the Board of Governors of Asian Development Bank (ADB) along with bilateral and other associated meetings in South Korea till May 5.

"The engagements of the Union Finance Minister will consist of the following components: Interaction with Global Economists, Governors / Finance Ministers of the ADB member countries etc. Bilateral engagements with countries and international organisations. Interaction with global business leaders and investors in roundtables. Engagement with Community Diaspora," said a release from the ministry.

"During the visit, Smt. Sitharaman will participate in annual meeting focal events like the Governors' Business, and also as a panelist in the ADB Governors' Seminar on 'Policies to Support Asia's Rebound," it added.

Masatsugu Asatkawa

FM Sitharaman urges ADB for concessional climate finance