India Regional Office of the New Development Bank (NDB) (also known as BRICS Bank) will come up in the Gujarat International Finance Tec-City (GIFT City). The institution was promoted by the BRICS nations of Brazil, Russia, India, China and South Africa to give a boost to the infrastructure along with other sustainable development projects.
NDB’s India office will be aimed at working on project origination, including initial project preparation and technical assistance, pipeline development, project implementation and monitoring and regional portfolio management, the bank mentioned in its statement.
The Bank is in the final stages of preparing for the physical opening of the office. NDB will soon announce the appointment of the Director General, India Regional Office. Moreover, Bangladesh, UAE, Uruguay and Egypt have also been admitted as members besides the founding members.
BRICS Banks president Marcos Troyjo said, “The India regional office will be instrumental in enhancing NDB’s engagement with borrowers and stakeholders. It expands our on-the-ground presence, contributing to preparing and implementing projects,”
Further, the bank is in the final stages of preparing for the physical opening of the office and the NDB will make an announcement concerning the appointment of a director-general for the India regional office soon.
Speaking on the development, GIFT City MD and group CEO Tapan Ray said, “I believe this is a significant breakthrough in GIFT City’s global recognition. It is indeed a matter of pride for GIFT City. The 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 essence and GIFT City’s growing network in global financial markets, he added further.
The agreement between the NDB and the Indian government on the hosting of the regional office was signed by Troyjo and economic affairs secretary Tarun Bajaj on December 11, 2020.
