The New Development Bank (NDB) of the BRICS countries plans to inaugurate its regional office at Gujarat’s International Technology City. The regional office of NDB at GIFT city, Gandhinagar, aims to cater to the infrastructural and sustainable development needs of the BRICS nations. Moreover, the NDB Indian Regional Office would work closely with the NDB headquarters.
The NDB Regional Office would also focus on the initial project preparations, technical assistance, and pipeline development. The NDB released a press statement saying that the regional NDB seat would monitor project implementation and manage the regional portfolio.
BRICS nations (Brazil, Russia, India, China, and South Africa) established the Shanghai HQ of the NDB. The formal opening of the New Development Bank was in July 2015. Apart from the BRICS, the NDB has admitted Bangladesh, the UAE, Uruguay, and Egypt, as members to expand the NBD’s global outreach.
The instrumental use of the Indian Regional Office would be to enhance NDB’s engagement with borrowers and stakeholders. It would also hike NDB’s on-the-ground presence by contributing and executing assignments. The NDB has created a wide range of infrastructures and projects.
The NDB is almost ready to open the office. According to the NDB press release, it will soon announce the Director-General of the IRO (Indian Regional Office). GIFT City MD and Group CEO Tapan Roy welcomed NDB’s decision to set up the IRO. He believes it is a significant breakthrough for GIFT city as it brings Gandhinagar global recognition. “It is indeed a matter of dignity for GIFT City. NDB will bring a distinctive multilateral and global dimension to GIFT City’s all-around functionality. It will also foster a synergy between NDB’s essence and GIFT City’s growing network in international financial markets,” Roy added.