Economy

NDB will open its office in India at GIFT City

By: helloscholar news team

Date:

The New Development Bank (NDB) will open its first regional office in India at the Gujarat International Finance Tec-City (GIFT City).

The India office will focus on expanding its footprint in the country with planning and implementing new projects as well as monitoring them.

NDB officially opened its Africa Regional Center (ARC) in Johannesburg in 2017; Americas Regional Office (ARO) in São Paulo with a sub-office in Brasília n 2019, and the Eurasian Regional Centre (ERC) in Moscow in 2020.

New Development Bank (NDB)

The NDB was established by Brics countries – Brazil, Russia, India, China, and South Africa – and was formally opened in July 2015. Bangladesh, the United Arab Emirates, Egypt and Uruguay have since joined the bank.

The NDB has so far approved 21 Indian projects, involving funding of $7.1 billion.

Since the beginning of its operations, NDB approved about 80 projects, totaling a portfolio of $30 billion.

Projects in sectors such as transport, water and sanitation, clean energy, digital infrastructure, social infrastructure and urban development are within the scope of the bank.

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