The BRICS group of emerging nations’ New Development Bank (NDB) said on Friday that it would open a regional office in India to fund and manage infrastructure projects in India and Bangladesh.
Gujarat will be the location of the regional office. NDB has authorized 21 Indian projects totaling $7.1 billion in finance. Indian Finance Minister Nirmala Sitharaman said the bank had effectively established itself as a dependable partner for developing market economies while attending in the seventh annual meeting of the NDB’s board of governors via video link on Thursday.
Last year, Bangladesh, the United Arab Emirates, Egypt, and Uruguay joined the multilateral development bank, which was founded by Brazil, Russia, India, China, and South Africa 2015.
More than 80 projects in the five founding member countries have been approved by the Shanghai-based lender. The projects, which range from transportation to water and sanitation to sustainable energy and digital and social infrastructure, are worth more than $30 billion.
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