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New BRICS Development Bank opens office in India

The New Development Bank (NDB), the BRICS bank, said on Friday that it will create a regional office in India to finance and monitor infrastructure projects in the country and Bangladesh.

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

The regional office will be created in the State of Gujarat.

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

On Thursday, while attending the NDB’s seventh annual board meeting via video, Indian Finance Minister Nirmala Sitharaman said the bank has successfully established itself as a trusted partner for emerging market economies.

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

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

Source: CNN Brasil

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