The New Development Bank (NDB), founded by the BRICS group of developing economies, said on Friday it would establish a regional office in India to fund and oversee infrastructure projects in that country and Bangladesh.”The India Regional Office will contribute to the development of the NDB ‘s partnership with borrowers and stakeholders,” NDB President Marcos Troyjo said in a statement. A regional office will be established in Gujarat province. The NDB has so far approved 21 Indian projects, involving $ 7.1 billion in funding.
On Thursday, while participating in the seventh annual meeting of the NDB board of directors by video, Indian Finance Minister Nirmala Sitharaman said the bank had successfully established itself as a trusted economic partner in emerging markets.The Integrated Development Bank, established by Brazil, Russia, India, China and South Africa in 2015, expanded its membership last year to include Bangladesh, the United Arab Emirates, Egypt and Uruguay.
A loan from the Shanghai headquarters has signed more than 80 projects from the first five member states. The value of the projects is more than R30 billion and they are in areas ranging from transport, water and sanitation to clean energy and digital infrastructure and well-being.
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