BRICS' New Development Bank to open India's regional office in Gujarat's GIFT City

BEIJING: The New Development Bank (NDB) of the BRICS countries has announced plans to open its regional office of India at the Gujarat International Finance Tec-City (GIFT City) to cater to infrastructure and sustainable development needs of the country.

Working in close coordination with the NDB Headquarters, 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 Bank said in a press release.

Headquartered in Shanghai, the NDB was established by BRICS nations, namely Brazil, Russia, India, China, and South Africa. The New Development Bank formally opened in July 2015.

Besides the five founding members, the NDB has admitted Bangladesh, the United Arab Emirates, Uruguay and Egypt have been previously admitted as members further expanding the bank's global outreach.

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, Marcos Troyjo, NDB President said.

Since its inception, NDB has built a robust and diversified portfolio of infrastructure and sustainable development projects. Our regional offices proved instrumental for ensuring successful portfolio growth. In this context, 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, the press release said.

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 is in the final stages of preparing for the physical opening of the office. The press release added that NDB will soon announce the appointment of the Director General, India Regional Office. Welcoming the NDB's decision to set up a regional office, GIFT City MD and Group CEO Tapan Ray said that it is a significant breakthrough and brings global recognition for the city.

"With the announcement to launch the New Development Bank's India regional office in GIFT City, I believe this is a significant breakthrough in terms of GIFT City's global recognition," he said in a statement mailed to PTI.

"It is indeed a matter of pride for GIFT City. NDB will bring a unique multilateral and international dimension to GIFT City's overall functionality. This move will also foster a synergy between NDB's core essence and GIFT City's growing network in global financial markets," he added.