New Delhi [India], October 22 (ANI): Union Finance Minister Nirmala Sitharaman on Thursday discussed strengthening bilateral economic ties with former Chilean President Eduardo Frei, stressing the need for an early conclusion of the India-Chile Comprehensive Economic Partnership Agreement (CEPA) and encouraging the Development Bank of Latin America and the Caribbean (CAF) to explore financing opportunities for projects involving Indian companies.

According to a post by the Ministry of Finance on X, Sitharaman met Frei, who is also an Ambassador on a Special Mission, along with a delegation from Chile and representatives of CAF.

The discussions focused on expanding economic cooperation between India and Chile, including through the early conclusion of the proposed CEPA, and exploring additional areas of collaboration with CAF.

Sitharaman also encouraged CAF to examine financing opportunities for projects involving Indian companies, particularly in the critical minerals and renewable energy sectors, as India looks to strengthen cooperation in areas important to its economic and energy priorities.

Acknowledging CAF's existing engagement with the Confederation of Indian Industry (CII) and the Export-Import Bank of India (EXIM Bank), the Finance Minister called for exploring further avenues to support Indian companies through project financing.

The meeting also provided an opportunity to discuss broader cooperation between India and Latin America, with a focus on economic ties and investment opportunities. However, the Ministry's post did not specify any new financing commitments or agreements reached during the discussions.

Sitharaman also expressed concern to Frei over the recent floods in Chile, according to the ministry.

The proposed India-Chile CEPA featured prominently in the discussions, with both sides considering ways to strengthen bilateral economic engagement through the agreement's early conclusion. A comprehensive economic partnership agreement is intended to provide a framework for expanding trade and economic cooperation between the participating countries.

The meeting comes amid efforts to explore greater collaboration between Indian businesses and international development financing institutions, particularly in sectors such as critical minerals and renewable energy, where access to financing can support investment and project development.

The ministry's statement did not provide a timeline for concluding the CEPA or details of specific projects that CAF may consider financing. (ANI)