NEW DELHI: Union finance minister Nirmala Sitharaman on Wednesday said that multilateral development banks have a critical role in de-risking investments, improving project bankability and strengthening investor confidence to mobilise private capital at scale in BRICS member countries. Sitharaman said that India had strengthened its infrastructure ecosystem through sustained public capital expenditure and structural reforms, with public investment expanding significantly over the past decade. “The government believes public capital should act as a catalyst rather than a substitute for private investment,” she said. “Such frameworks were essential to unlock sustained private-sector participation across BRICS member countries. The future of development finance lies in partnership,” the finance minister said, adding that multilateral institutions, national governments, and the private sector bring distinct strengths to the development process.