The New Development Bank (NDB), established by the BRICS countries, announced the launch of its Indian Regional Office (IRO) in Gujarat, as was stated on the official website of the NDB, following the 7th annual Governing Council of the Bank held online on 19 May.
The Indian Regional Office will focus on project origination, project implementation and monitoring.
“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,” said Mr. Marcos Troyjo, NDB President.
The Bank’s IRO aim is to improve infrastructure and meet 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 statement indicated that the preparatory work for the opening of the NDB office in India is in the final stages. The bank will soon announce the appointment of its head. The office will be located in the under-construction international high-tech central business district of Gandhinagar, Gujarat.
The next, 8th annual meeting of the NDB's Board of Governors will be held in Shanghai, where the bank is headquartered.
NDB officially opened its Africa Regional Center in Johannesburg in 2017. Americas Regional Office (ARO) in São Paulo with a sub-office in Brasília was established by the NDB in 2019. In 2020, NDB established the Eurasian Regional Centre (ERC) in Moscow.