The New Development Bank (NDB) has announced the launch of its Indian Regional Office (IRO) in Gujarat International Finance TecCity (GIFT City).
- Working in close coordination with the NDB Headquarters at Shanghai, the Indian Regional Office will focus on project origination, pipeline development, project implementation and monitoring as well as regional portfolio management.
- The Indian branch 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 added.
About New Development Bank (NDB)
- The New Development Bank (NDB) was established in 2015 by BRICS countries – Brazil, Russia, India, China and South Africa.
- The Bank’s membership is open to members of the United Nations. NDB commenced the admission of its first new member countries in the second half of 2021.
- Bangladesh and UAE are the new members of NDB.
- The New Development Bank (NDB) has an authorized capital of USD 100 billion, which is divided into one million shares that have a par value of one hundred thousand dollars each.
- The initial subscribed capital (19.42% each) of the bank was equally distributed among the founding members.
- The Agreement on the NDB specifies that every member will have one vote no one would have any veto powers.
- The bank is headquartered in Shanghai, China.
