A general view shows vehicles crossing Howrah bridge in Kolkata, India, February 26, 2022. REUTERS/Rupak De Chowdhuri
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.
Riyadh Air is preparing to expand its presence in India beyond Mumbai, with the Saudi…
The AIM Global Foundation increased its momentum in interacting with the Indian investment community and…
Sales transactions in Dubai's office market totaled Dh15.8 billion in the first six months of…
New fäm Properties report shows 90%-100% absorption rate for thousands of apartments and villas to…
During the meeting, President Kast signed the FIA’s United Against Online Abuse charter Dubai, UAE,…
The IMF approved today a successor two-year arrangement for Chile under the Flexible Credit Line…