The BRICS countries’ New Development Bank (NDB) has announced intentions to create 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 original members, the NDB has previously added Bangladesh, the United Arab Emirates (UAE), Uruguay, and Egypt as members, extending the bank’s worldwide reach.
“The NDB’s engagement with borrowers and stakeholders would 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.
NDB has created a strong and diverse portfolio of infrastructure and sustainable development projects since its founding. “Our regional offices were critical in assuring portfolio expansion success. The Indian Regional Office is part of the NDB’s effort to improve the quality and complexity of its operations by establishing a network of business and development prospects “According to the press release.
In keeping with the NDB’s purpose, the Bank’s IRO will address infrastructural and sustainable development needs in India and Bangladesh, contributing to economic growth and sustainable development in South Asia.
Featured Image: Pixabay (Representational Image)
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