New Development Bank in GIFT City

Sakshi Education

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

Published date : 02 Mar 2022 07:23PM