Prime Minister Narendra Modi on Friday made a case for strengthening multilateral development banks to meet the challenges facing the world, especially climate change.

In his video address to the G20 meeting of the finance ministers and central bank governors, Modi said it was imperative for the grouping to provide stability, confidence and growth to the global economy.

India took over the presidency of G20 in December last year and hosted various events and conferences. The meeting of finance ministers and central bank governors is the first major event of G20 under India's presidency.

"You represent the leadership of global finance and economy at a time when the world is facing serious economic difficulties. The COVID-19 pandemic has delivered a once-in-a-century blow to the global economy. Many countries, especially developing economies, are still coping with its after-effects. We are also witnessing rising geopolitical tensions in different parts of the world," Modi said in a video message.

The prime minister said even as the world population has crossed 8 billion, progress on Sustainable Development Goals seems to be slowing down.

"We need to collectively work to strengthen multilateral development banks for meeting global challenges like climate change and high debt levels," he said.

Modi also said Indian consumers and producers are optimistic and confident about the future.

"We hope that you will be able to transmit the same positive spirit to the global economy," he said.

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