Gandhinagar: The New Development Bank (NDB) announced the launch of its Indian Regional Office (IRO) in Gujarat International Finance Tec-City (GIFT City).

Working in close coordination with the NDB Headquarters, the Indian Regional Office will focus on project origination (including initial project preparation and technical assistance), pipeline development, 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 Mr. Marcos Troyjo, NDB President.

“Since its inception, NDB has built a robust and diversified portfolio of infrastructure and sustainable development projects. Our regional offices proved instrumental for ensuring successful portfolio growth. In this context, the Indian Regional Office is part of NDB’s effort to increase the quality and complexity of its operations, creating a network of business and development opportunities.”

Mr. Tapan Ray, MD and Group CEO- GIFT City stated – “With the announcement to launch the New Development Bank’s India regional office in GIFT City, I believe this is a significant breakthrough in terms of GIFT City’s global recognition. It is indeed a matter of pride for GIFT City. NDB will bring a unique multilateral and international dimension to GIFT City’s overall functionality. This move will also foster a synergy between NDB’s core essence and GIFT City’s growing network in global financial markets.”

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.

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.

Background information

New Development Bank was established with the purpose of mobilizing resources for infrastructure and sustainable development projects in BRICS and other emerging market economies and developing countries, complementing the efforts of multilateral and regional financial institutions for global growth and development.

NDB officially opened its Africa Regional Center (ARC) in Johannesburg in 2017. Americas Regional Office (ARO) in São Paulo with a sub-office in Brasília was established by the NDB in 2019. In 2020, NDB established the Eurasian Regional Centre (ERC) in Moscow. The NDB’s global network of offices complemented by the India Regional Office, allows for an enhanced engagement with clients and a better understanding of local market conditions, thus stepping up NDB’s capacity to gradually build a more sophisticated portfolio of projects.

The Agreement Between the New Development Bank and the Government of the Republic of India on the Hosting of the New Development Bank India Regional Office in the Republic of India was signed by Mr. Marcos Troyjo, the President of the New Development Bank and Mr. Tarun Bajaj, Secretary, Economic Affairs, Government of India on 11 December 2020.