The New Development Bank (NDB) of the BRICS countries has announced plans to open its India regional office at Gujarat International Finance Tec-City (GIFT City) to address the country’s infrastructure and sustainable development needs .
Working in close coordination with NDB Headquarters, the India regional office will focus on project origination, including initial project preparation and technical assistance, pipeline development, project implementation and monitoring. as well as the management of the regional portfolio, the bank said in a press release.
Based in Shanghai, the NDB was created by the BRICS countries, namely Brazil, Russia, India, China and South Africa. The bank officially opened in July 2015.
Along with the five founding members, the NDB has admitted Bangladesh, the United Arab Emirates (UAE), Uruguay and Egypt have already been admitted as members, further expanding the bank’s global reach.
“The India regional office will be instrumental in strengthening NDB’s engagement with borrowers and stakeholders. IRO expands our presence in the field, contributing to the preparation and implementation of projects,” said Marcos Troyjo, President of NDB.
“Since its inception, NDB has built a solid and diversified portfolio of infrastructure and sustainable development projects. Our regional offices have proven to be essential in ensuring successful portfolio growth. In this context, the India regional office is part of NDB’s efforts to increase the quality and complexity of its operations, creating a network of business and development opportunities,” the press release reads.
The launch of the Bank’s IRO aims to address infrastructure and sustainable development needs in India and Bangladesh, thereby contributing to economic growth and sustainable development in South Asia, in line with the mandate of the NDB.
The Bank is in the final stages of preparation for the physical opening of the office. NDB will soon announce the appointment of the Managing Director of the India Regional Office, the press release adds.