Disasters caused by chemicals stored in densely populated areas have shaken Bangladesh in the past one and a half decades
BRICS-led New Development Bank to set up regional office in India
New Development Bank (NDB), established by the BRICS group of emerging economies, said on Friday it would set up a regional office in India for funding and monitoring infrastructure projects in that country and Bangladesh.
Published : 20 May 2022, 02:23 PM
Updated : 20 May 2022, 02:23 PM
"The Indian Regional Office will be instrumental in enhancing NDB's engagement with borrowers and stakeholders," NDB President Marcos Troyjo said in a statement.
The regional office will be set up in Gujarat state.
NDB has so far approved 21 Indian projects, involving funding of $7.1 billion.
On Thursday, while participating in the seventh annual meeting of NDB's board of governors by video link, Indian Finance Minister Nirmala Sitharaman said the bank had successfully established itself as a reliable partner for emerging market economies.
The multi-lateral development bank, launched by Brazil, Russia, India, China and South Africa in 2015, expanded membership last year to include Bangladesh, the United Arab Emirates, Egypt and Uruguay.
The Shanghai-headquartered lender has signed off on more than 80 projects in the five original member countries. The value of the projects exceeds $30 billion and they are in sectors from transport, water and sanitation to clean energy and digital and social infrastructure.
RELATED STORIES
Shares of the streaming video pioneer fell after it reported a large batch of new customers in the first quarter but gave a revenue forecast that missed analyst targets
The companies have yet to approach Paramount, which is in exclusive deal talks with Skydance Media, though some investors have urged Paramount to explore other options
A Swiss investigative organisation, Public Eye, released a report, saying that Nestle adds sugar to its baby food products sold in low-income countries in Africa, Latin America and Asia
