New Development Bank: First Multilateral Agency To Open Office in Gift City.

Why in news?

• New Development Bank (NDB) will become the 1^st multilateral agency to open an office in the Gujarat International Finance Tec (Gift) City, Gujarat which will start its operation by the mid of May 2022.
• NDB also expects to partner with the newly launched National Bank for Financing Infrastructure and Development (NBFID) to support crucial infrastructure projects in India.

About New Development Bank

• NDB was set up in 2014 by the BRICS countries (Brazil, Russia, India, China, and South Africa)
• It started operations in 2015 at Shanghai, China (headquarters) with the objective of mobilising resources for infrastructure and sustainable development projects in the BRICS as well as other emerging markets.