The New Development Bank (NDB), the Brics countries’ multilateral bank based in Shanghai, will open its first regional office in India at the Gujarat International Finance Tec-City (GIFT City) to address the country’s infrastructural and sustainable development needs. The India office will concentrate on extending its presence in the country by developing, implementing, and monitoring new projects.

• NDB’s existing regional offices will be supplemented by the new India office. Its Africa Regional Center (ARC) opened in Johannesburg in 2017, the Americas Regional Office (ARO) in So Paulo with a sub-office in Brasil in 2019, and the Eurasian Regional Centre (ERC) in Moscow in 2020.
• The NDB was founded in July 2015 by the Brics countries of Brazil, Russia, India, China, and South Africa. Since then, Bangladesh, the UAE, Egypt, and Uruguay have joined the bank.