BRICS-led New Development bank to set up regional office in India

New Development Bank (NDB), established by the BRICS group of emerging economies, said on Friday it would set up a regional office in India for funding and monitoring infrastructure projects in that country and Bangladesh.

“The Indian Regional Office will be instrumental in enhancing NDB’s engagement with borrowers and stakeholders,” NDB President Marcos Troyjo said in a statement.

The regional office will be set up in Gujarat state.

NDB has so far approved 21 Indian projects, involving funding of $7.1 billion.

On Thursday, while participating in the seventh annual meeting of NDB’s board of governors by video link, Indian Finance Minister Nirmala Sitharaman said the bank had successfully established itself as a reliable partner for emerging market economies.

The multi-lateral development bank, launched by Brazil, Russia, India, China and South Africa in 2015, expanded membership last year to include Bangladesh, the United Arab Emirates, Egypt and Uruguay.

The Shanghai-headquartered lender has signed off on more than 80 projects in the five original member countries. The value of the projects exceeds $30 billion and they are in sectors from transport, water and sanitation to clean energy and digital and social infrastructure.

Reporting by Manoj Kumar; Editing by Bradley Perrett

This article was originally published by Reuters.