New Delhi, July 4 -- Finance minister Nirmala Sitharaman on Friday urged multilateral development banks (MDBs) to adopt a stronger and more targeted approach in supporting the Global South, which faces mounting fiscal pressures, escalating climate risks, and deepening geopolitical uncertainty.

Speaking at the opening ceremony of the 10th annual meeting of the New Development Bank-formerly the BRICS Development Bank-Sitharaman said MDBs are uniquely positioned to complement national efforts by mobilising public and private capital, offering concessional financing, and deploying sophisticated risk mitigation tools.

"MDBs have a distinctive comparative advantage in catalysing both public and private investments by offering a package of tec...