BRICS Bank to set up regional office in Gujarat

New Delhi, May 20

The New Development Bank (NDB) – or BRICS Bank as it is colloquially known – has announced the launch of its Indian Regional Office (IRO) in Gujarat International Finance Tec-City (GIFT City).

The office will focus on initial project preparation, project implementation and monitoring as well as regional portfolio management. “The Indian Regional Office will be instrumental in enhancing NDB’s engagement with borrowers and stakeholders. IRO expands our on-the-ground presence, contributing to preparing and implementing projects,” said NDB President Marcos Troyjo, a Brazilian, who had succeeded K V Kamath.

The Bank is in the final stages of preparing for the physical opening of the office. NDB will soon announce the appointment of the Director-General, India Regional Office.

NDB had opened its Africa Regional Center (ARC) in Johannesburg in 2017, Americas Regional Office (ARO) in São Paulo with a sub-office in Brasília in 2019 and the Eurasian Regional Centre (ERC) in Moscow in 2020.

The agreement on the regional office was signed on December 11, 2020.