The New Development Bank (NDB), the Brics countries’ multilateral bank based in Shanghai, will open its first regional office in India at the Gujarat International Finance Tec-City (GIFT City) to address the country’s infrastructural and sustainable development needs. The India office will concentrate on extending its presence in the country by developing, implementing, and monitoring new projects.
- NDB’s existing regional offices will be supplemented by the new India office. Its Africa Regional Center (ARC) opened in Johannesburg in 2017, the Americas Regional Office (ARO) in So Paulo with a sub-office in Brasil in 2019, and the Eurasian Regional Centre (ERC) in Moscow in 2020.
- The NDB was founded in July 2015 by the Brics countries of Brazil, Russia, India, China, and South Africa. Since then, Bangladesh, the UAE, Egypt, and Uruguay have joined the bank.
- The NDB has authorised 21 Indian projects totaling $7.1 billion in investment.
- The bank is interested in projects in transportation, water and sanitation, sustainable energy, digital infrastructure, social infrastructure, and urban development.
- Sitharaman remarked during the meeting that India’s economic growth in the current fiscal year has been strong, with an estimate of 8.9%, the highest among the large economies.
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- New Development Bank (NDB) President: Marcos Troyjo