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New Development Bank 1st multilateral agency to open office in Gift City

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New Development Bank (NDB) will become the first multilateral agency to open an office in the Gujarat International Finance Tech City (Gift). New Development Bank (NDB) has received the approval for the same and will open the office in May 2022 in GIFT City. The Indian office will help identify suitable projects and try to create a pipeline of potential financing for the bank. NDB also expects to partner with the newly launched National Bank for Financing Infrastructure and Development (NBFID) to support crucial infrastructure projects in India.

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About the New Development Bank:

NDB was set up by the BRICS countries (Brazil, Russia, India, China, and South Africa) with the objective of mobilizing resources for infrastructure and sustainable development projects in the BRICS as well as other emerging markets in 2014. It became operational in 2015 and is headquartered in Shanghai, China. All the founding members equally own the bank.

Important takeaways for all competitive exams:

  • New Development Bank Headquarters Location: Shanghai, China;
  • New Development Bank President: Marcos Prado Troyjo;
  • New Development Bank Founder: BRICS;
  • New Development Bank Founded: 15 July 2014.

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