"Democratisation of World Bank has been a long term line pursued by India and other countries. Differential financing terms for least developed and developing countries is desirable," a second source said.
Sitharaman told Malpass on Wednesday that climate finance was a focus area during India's G20 presidency and multilateral development banks "can play a major role in incentivising private capital, de-risking instruments, and providing greater concessional finance".for consensus on reforming multilateral development banks to vastly expand their lending to tackle pressing global challenges such as climate change and conflict.
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