Money & Banking

New Development Bank opens regional office in GIFT City

BL Mumbai Bureau | | Updated on: May 20, 2022

The regional office will cater to infrastructure and sustainable development needs in India and Bangladesh

The New Development Bank (NDB) has announced the launch of its Indian Regional Office (IRO) in Gujarat International Finance Tec-City (GIFT City).

Working in close coordination with the NDB Headquarters at Shanghai (China), the Indian Regional Office will focus on project origination (including initial project preparation and technical assistance), pipeline development, project implementation and monitoring as well as regional portfolio management, the NDB said in a statement.

“The Indian Regional Office will be instrumental in enhancing NDB’s engagement with borrowers and stakeholders. IRO expands our on-the-ground presence, contributing to preparing and implementing projects.

“….the Indian Regional Office is part of NDB’s effort to increase the quality and complexity of its operations, creating a network of business and development opportunities,” said Marcos Troyjo, NDB President.

The launch of the Bank’s IRO aims to cater to infrastructure and sustainable development needs in India and Bangladesh, contributing to economic growth and sustainable development in South Asia, in line with the NDB’s mandate, the Bank added.

“The Bank is in the final stages of preparing for the physical opening of the office. NDB will soon announce the appointment of the Director General, India Regional Office,” the statement said.

NDB is a multilateral development bank (MDB) established by Brazil, Russia, India, China and South Africa (BRICS) with the objective of financing infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries.  

NDB became fully operational in February 2016.

Published on May 20, 2022
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