BRICS-led New Development Bank to set up regional office in India
>> Reuters
Published: 20 May 2022 08:23 PM BdST Updated: 20 May 2022 08:23 PM BdST
-
A general view shows vehicles crossing the Howrah bridge in Kolkata, India, Feb 26, 2022. REUTERS/Rupak De Chowdhuri
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.
"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.
-
Airbnb makes ban on parties permanent
-
Pakistan gets IMF targets in step toward restoring bailout
-
Russia fines foreign firms for data storage violations
-
Nike forecasts downbeat quarterly revenue
-
Oil climbs as UAE says it has no spare capacity
-
Empty shelves, huge discounts as Russia's Decathlon stores close
-
Russia's fashion industry looks for silver lining
-
Credit Suisse found guilty in money-laundering case
-
Airbnb makes ban on parties permanent
-
Russia fines foreign firms for alleged data storage violations
-
IMF delivers targets to Pakistan in step toward restoring bailout
-
Nike forecasts downbeat quarterly revenue on lingering China worries
-
Oil climbs as major producer UAE says it has no spare capacity
-
Empty shelves, huge discounts as Russia's Decathlon stores close
Most Read
- Bangladeshi Hajj pilgrim arrested in Saudi Arabia for begging
- Padma Bridge's screws couldn't have been removed by hand: CID
- A motorcyclist was the first to cross Padma Bridge after it opened to traffic
- Tensions rise in Indian town after killing of Hindu man
- Bangladesh signs Tk 92bn deal with Japan for metro rail linking Dhaka's east to west
- Man arrested after video of manipulating Padma Bridge bolts goes viral
- Bangladesh bans motorcycles from Padma Bridge after congestion
- Adity Sarker, a doctor, dies from self-inflicted burn wounds
- Outrage as Hindu college principal is forced to wear garland of shoes in Bangladesh
- Govt to start collecting tolls on Bangabandhu Expressway on Jul 1