The BRICS countries’ New Development Bank (NDB) has announced plans to open a regional office in India at the Gujarat International Finance Tec-City (GIFT City) to address the country’s infrastructure and sustainable development needs.
The Indian Regional Office, which will work closely with the NDB Headquarters, will focus on project origination, including initial project preparation and technical assistance, pipeline development, project implementation, and monitoring, and regional portfolio management, according to a press release from the bank.
The NDB was founded by the BRICS countries of Brazil, Russia, India, China, and South Africa and is headquartered in Shanghai.
The bank first opened its doors in July of 2015
Apart from the five founding members, the NDB has previously admitted Bangladesh, the United Arab Emirates (UAE), Uruguay, and Egypt as members, extending the bank’s global reach.
“The NDB’s engagement with borrowers and stakeholders will be aided by the Indian Regional Office.
IRO expands its presence on the ground, assisting in the planning and implementation of projects “NDB President Marcos Troyjo stated.
The NDB’s engagement with borrowers and stakeholders will be aided by the Indian Regional Office.
“IRO strengthens our on-the-ground presence by assisting in the planning and implementation of projects,” said NDB President Marcos Troyjo.
NDB has built a strong and diverse portfolio of infrastructure and sustainable development projects since its inception. “Our regional offices were critical in ensuring portfolio growth success.”
The Indian Regional Office, in this context, is part of the NDB’s effort to improve the quality and complexity of its operations by creating a network of business and development opportunities, according to the press release.
In line with the NDB’s mandate, the Bank’s IRO will address infrastructure and sustainable development needs in India and Bangladesh, contributing to economic growth and sustainable development in South Asia.
The Bank is nearing completion of its preparations for the office’s physical opening. According to the press release, the NDB will soon announce the appointment of the Director-General in the India Regional Office.