New Development Bank(NDB)1st multilateral agency to open office in Gift City
New Development Bank (NDB) will become the first
multilateral agency to open an office in the Gujarat International Finance Tech
New Development Bank (NDB) has received the approval for the same
and will open the office in May 2022 in GIFT City.
The Indian office will help identify suitable projects and
try to create a pipeline of potential financing for the bank.
NDB also expects to partner with the newly launched National
Bank for Financing Infrastructure and Development (NBFID) to support crucial
infrastructure projects in India.
NDB was set up by the BRICS countries (Brazil, Russia,
India, China, and South Africa) with the objective of mobilizing resources for
infrastructure and sustainable development projects in the BRICS as well as
other emerging markets in 2014.
It became operational
in 2015 and is headquartered in Shanghai, China.