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Mahesh

21/05/22 20:09 PM IST

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

In News 
  • The New Development Bank (NDB), the Shanghai-based multilateral bank of the Brics countries, will open its first regional office in India at the Gujarat International Finance Tec-City (GIFT City) to cater to infrastructure and sustainable development needs of the country.
About NDB 
  • It is a multilateral development bank operated by the BRICS states (Brazil, Russia, India, China and South Africa).
  • It was agreed to by BRICS leaders at the 5th BRICS summit held in Durban, South Africa in 2013.
  • It was launched in 2015, at the 6th BRICS Summit at Fortaleza, Brazil.
  • The bank is set up to foster greater financial and development cooperation among the five emerging markets.
  • Headquartered in Shanghai, China.
  • In 2018, the NDB received observer status in the United Nations General Assembly, establishing a firm basis for active and fruitful cooperation with the UN.
NDB and India
  • The NDB has so far approved 21 Indian projects, involving funding of $7.1 billion.
  • Since the beginning of its operations, NDB approved about 80 projects, totaling a portfolio of $30 billion.
  • Projects in sectors such as transport, water and sanitation, clean energy, digital infrastructure, social infrastructure and urban development are within the scope of the bank.
Source- Hindustan Times 

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