Finance Minister Nirmala Sitharaman on 12 September 2026 met Asian Infrastructure Investment Bank (AIIB) President Zou Jiayi in New Delhi, with both sides discussing concrete steps to further deepen the India–AIIB partnership on the sidelines of the 18th BRICS Summit 2026.

Key Agenda: Infrastructure, Local-Currency Financing, Private Sector

According to the Finance Ministry, discussions covered ways to support India's infrastructure and transport connectivity priorities, enhance local-currency financing mechanisms, and increase private-sector participation in AIIB operations. Expanding the global footprint of the multilateral lender was also on the table.

Notably, Jiayi had arrived in New Delhi specifically to attend the BRICS Summit 2026. The Ministry of External Affairs (MEA), in a post on X, extended a formal welcome, stating: 'The visit will strengthen partnerships to advance sustainable development and expand opportunities for emerging economies.'

Sitharaman–Manturov Bilateral: Investment Treaty in Focus

Separately, Sitharaman also held a bilateral meeting with Denis Manturov, First Deputy Prime Minister of the Russian Federation. Both sides deliberated on deepening economic cooperation and agreed to advance negotiations on a Bilateral Investment Treaty (BIT), according to an official statement. The BIT, once concluded, is aimed at establishing a mutually beneficial framework to enhance investment flows and broader economic engagement. Cooperation in the financial services sector was also a focal point of the discussions.

New Delhi Declaration 2026 Adopted at BRICS Summit

The diplomatic momentum at the summit culminated in a landmark outcome: Prime Minister Narendra Modi on 12 September 2026 announced the unanimous adoption of the New Delhi Declaration 2026 at the 18th BRICS Summit.

Delivering his closing remarks during the session on 'Inclusive Global Governance and Strengthening Multilateralism', Modi said, 'The New Delhi Declaration adopted today gives clear direction to our shared resolve. Now it is our responsibility to convert these resolutions into concrete results.'

The Prime Minister described the BRICS leaders' discussions as 'meaningful and constructive' and noted that deliberations spanned key regional and global issues. He also underscored that 'the changing world order cannot be managed by old institutions' — a pointed signal of the BRICS bloc's push for reformed multilateralism.

Why This Matters for India

India is among the largest borrowers from the AIIB since its founding in 2016, with funding channelled into roads, metro rail, and clean energy projects. A deeper partnership — particularly around local-currency financing — could reduce exchange-rate risk on large sovereign loans. The push to bring in more private capital also aligns with India's infrastructure gap, estimated at several trillion dollars over the next decade.

The India–Russia BIT negotiations gain added significance given the evolving global trade architecture and both countries' interest in rupee-rouble trade settlement mechanisms. With the New Delhi Declaration 2026 now adopted, the next phase will test whether BRICS's multilateral ambitions translate into operational commitments on the ground.