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Business EconomyPosted at: Mar 5 2021 7:36PM


FTCCI requests MDBs to address regional or global issues like disaster relief and climate change

Hyderabad, Mar 5 (UNI) The Federation of Telangana Chambers of Commerce and Industry (FTCCI) President Ramakanth Inani on Friday urged Multilateral Development Banks’ (MDBs) to address regional or global issues like disaster relief and climate change, apart from undertaking major infrastructure projects.

Going forward, MDBs should also consider catalyzing the development of cross-border transport connectivity to support the formation of regional value chains, he said.
Speaking at the virtual conference on Business Opportunities with largest sources of funding – MDB’s, Mr Ramakanth said, FTCCI & FAPCCI initiatives involve working with the Government to increase the scope and promotion of industrialization in the States of Telangana and Andhra Pradesh, thereby contributing to the furtherance of economy of the country.
Mr Mekapati Goutham Reddy, Minister for IC & IT, Govt of AP recalled that former Andhra Pradesh was the first state to utilize the support of MDB’s way back in 1980’s. The COVID-19 pandemic has shown yet again just how critical multilateral development banks (MDB’s) are in moments of crisis. MDB’s are uniquely structured to tackle challenges that cross national borders.

MDBs have stepped up to finance the resources to fight the pandemic. The World Bank has committed to mobilizing $160 billion and other MDBs $80 billion. MDBs can play an important role to support the various companies in diverse sectors.
He stressed the need for creating skill sets among the youth and urged the MDB’s to support the projects in skill development too.
The Officials from World Banks, Asian Development Bank, Asian Infrastructure Investment Bank and New Development Bank briefed on the procurement systems/procedures, upcoming projects and opportunities for contracts/projects. They also mentioned about the projects in India more particularly in the States of Telangana and Andhra Pradesh.
Multilateral Banks have significant convening power and presence in many partner countries including India. As a multilateral organization, they often have the advantage of being perceived as a relatively neutral player.
India's partnerships with Multilateral Banks allowed us to access their significant expertise, leveraging their analytical, financial and human resources.

The MDBs provide financial assistance to developing countries, typically in the form of loans and grants, for investment projects and policy-based loans. Project loans include large infrastructure projects, such as highways, power plants, port facilities, and dams, as well as social projects, including health and education initiatives, a release here said.
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