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.
Buy Prime Test Series for all Banking, SSC, Insurance & other exams
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:
Raksha Bandhan in 2025 celebrates on Saturday, August 9, 2025. This festival takes place on…
Raksha Bandhan is widely celebrated as a festival that honors the deep bond between brothers…
India’s largest life insurer, Life Insurance Corporation of India (LIC), kicked off FY26 with a…
In a move that underscores its global ambitions, Tata AutoComp Systems Ltd, a leading Indian…
India's trade balance could face renewed stress in FY26, as per the 95th round of…
India's electronics export industry continues its upward march, recording an impressive 47% year-on-year growth in…