Ahmedabad, May 21 (KNN) The New Development Bank (NDB) of the BRICS countries will set up India’s regional office at the Gujarat International Finance Tec-City (GIFT City). 

The aim is to help the country with its infrastructure and sustainable development needs. 

The regional office based in Gujarat will work in close association with the NDB Headquarters and focus on project origination including initial project preparation and technical assistance, pipeline development, project implementation and monitoring as well as regional portfolio management.

The NDB was established by BRICS nations, namely Brazil, Russia, India, China, and South Africa and is headquartered in Shanghai. 

“The Indian Regional Office will be instrumental in enhancing NDB's engagement with borrowers and stakeholders. IRO expands our on-the-ground presence, contributing to preparing and implementing projects,” Marcos Troyjo, NDB President said.

In line with the vision of NDB, the launch of the Bank's IRO aims to cater to infrastructure and sustainable development needs in India and Bangladesh, contributing to economic growth and sustainable development in South Asia. (KNN Bureau)