New Development Bank opens regional office in GIFT City, Gujarat

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

  • The objective of launching the Bank's regional office is to meet the infrastructure and sustainable development needs in India and Bangladesh, contributing to economic growth and sustainable development in South Asia in line with the mandate of the NDB.

  • The Indian Regional Office will work in close coordination with the NDB Headquarters, focusing on technical support including initial project preparation, pipeline development, project implementation and monitoring as well as regional portfolio management.

  • The NDB officially opened its Africa Regional Centre (ARC) in Johannesburg in 2017 followed by the establishment of a sub-office in Brasilia with the Americas Regional Office (ARO) in So Paulo by the NDB in 2019.

  • In 2020, the NDB established the Eurasian Regional Centre (ERC) in Moscow. The Indian Regional Office (IRO) complements the NDB's global network of offices.

  • About New Development Bank

  • New Development Bank formerly known as BRICS Bank informally.

  • It was established on 15 July 2014 by the countries of the BRICS grouping.

  • The idea of setting up the bank was proposed by India at the 4th BRICS Summit held in Delhi in 2012.

  • This was agreed upon by the BRICS leaders at the 5th BRICS Summit held in Durban, South Africa on 27 March 2013.

  • Headquarters- Shanghai, China

  • General Secretary- KV Kamat

  • President- Markosh Trayoja

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