March 30, 2023

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Massa discussed infrastructure financing with his Indian counterpart

Photo: Magazine.

Economy Minister Sergio Massa discussed with his Indian Finance Representative Nirmala Sitharaman this Thursday financing options for sustainable projects and infrastructure for smart cities and the role of multilateral development banks.

Massa met Sitharaman as part of his visit to the Indian city of Bengaluru where he is attending the G20 summit of finance ministers and central bank governors.

“During the bilateral meeting, they discussed the financing of sustainable projects, the development of infrastructures for smart cities and the activities of multilateral development banks,” the Palacio de Hacienda said in a statement.

In this sense, Massa and Sitharaman acknowledged the importance of financing infrastructure development in cities that allow for social inclusion, while the Indian official acknowledged Argentina’s contribution to the infrastructure agenda.

During the meeting, the Ministers also referred to the Green Agenda and stressed the need to move forward in compliance with international agreements on international financing for climate change.

In this regard, the Ministry of Economy pointed out that they emphasized the importance of taking into account not only remedial and mitigation but also, fundamentally, “adaptation” as an axis in different middle-income countries.

In addition, they highlighted the role of multilateral institutions in this agenda, exchanged views on the energy transition and discussed mechanisms for strengthening reserves and various currency swaps aimed at achieving this objective, as well as making improvements in trade exchanges.

Earlier, Massa held a meeting with Jay Shambaugh, Undersecretary for International Affairs of the United States Department of the Treasury, with whom he examined the “international financial situation” and “advances in the economic program and review. Agreement with the International Monetary Fund (IMF), ” Palacio de Hacienda noted.

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The Minister also scheduled a meeting with China’s Vice Minister of Finance Wang Dongwei to promote bilateral economic and financial cooperation regarding Chinese financing of Argentina’s development infrastructure projects and alternatives to strengthening reserves.

At the end of the day, Massa will attend the welcome night and cultural event of this first meeting of the G20 summit of finance ministers and central bank governors.