NDB at GIFT city

• The New Development Bank (NDB) has announced the launch of its Indian Regional Office (IRO) in Gujarat International Finance Tec-City (GIFT City).
• 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, in line with the NDB’s mandate.
• Working in close coordination with the NDB Headquarters at Shanghai (China), the Indian Regional Office will focus on project origination, pipeline development, project implementation and monitoring as well as regional portfolio management
• Other regional centres
  • Africa Regional Center (ARC) in Johannesburg in 2017
  • Americas Regional Office (ARO) in São Paulo with a sub-office in Brasília in 2019
  • Eurasian Regional Centre (ERC) in Moscow in 2020

ABOUT NDB

• It is a Multilateral development bank established by Brazil, Russia, India, China and South Africa (BRICS) in 2015 to mobilise resources for infrastructure and sustainable development projects in emerging markets and developing countries.
• It became fully operational in February 2016.
• Members: BRICS, Bangladesh, UAE, Uruguay, Egypt
• HQ: Shanghai, China
• India is 2^nd largest recipient of NDB’s financial support after China.

ABOUT GIFT CITY

• GIFT (Gujarat International Finance Tec-City) City is located in Gandhinagar, Gujarat.
• It consists of a multi-service Special Economic Zone (SEZ), which houses India’s first International Financial Services Centre (IFSC) and an exclusive Domestic Tariff Area (DTA).
• GIFT city is envisaged as an integrated hub for financial and technology services for India and the world.