New Development Bank (NDB)

New Development Bank (NDB) is setting up a regional office in Gujarat, India for funding and monitoring infrastructure projects in that country and Bangladesh.

About NDB:

• It is a multilateral development bank operated by the BRICS states (Brazil, Russia, India, China and South Africa).
• It was agreed to by BRICS leaders at the 5th BRICS summit held in Durban, South Africa in 2013.
• It was launched in 2015, at the 6th BRICS Summit at Fortaleza, Brazil.
• The bank is set up to foster greater financial and development cooperation among the five emerging markets.
• Headquartered in Shanghai, China.