NDB expected to open office in India
India is currently in the process of setting up a Development Finance Institution (DFI), called National Bank for Financing Infrastructure & Development, which is primarily aimed at funding large infrastructure projects, Onkar Kanwar, Chair, BRICS Business Council India Chapter, has told a recent NDB’s Plenary Session with BRICS Business Council National Chapter.
“Learnings from NDB’s own experience can be extremely useful in successful operations of the DFI being set up in India,” he said, applauding as the New Development Bank completed its first five-year cycle.
Sustainability, Kanwar said, is at the core of NDB which during the five years has approved more than 70 projects worth nearly US$30 billion across all BRICS countries – Brazil, Russia, India, China and South Africa.
“Green and clean energy has always been a key focus on NDB operations, and the bank has approved 15 clean energy projects in the last five years, many of which are focused on renewable energy,” said Kanwar.
“We also hope NDB will serve as a catalyst in other priority areas like infrastructure and agribusiness,” added Kanwar at NDB’s Plenary Session with BRICS Business Council National Chapter.
“Over the years, the New Development Bank has also expanded its network by establishing regional offices in South Africa, Brazil and Russia. We understand that a regional office in India is also under works this year.
“We are eagerly looking forward to this development. We believe that a local presence of NDB in India would expand the scope of its engagement with Indian businesses as well as create opportunities for expanding the project pipeline for the NDB,” Kanwar said in a release on 21 Aug 2021.
The bank supports strategic infrastructure projects addressing BRICS countries core development needs, added its President Marcos Troyjo.
“NDB is also contributing to the achievement of sustainable development goals and sectors like transport, urban development, irrigation, clean energy, social infrastructure, and environmental efficiency are all within our scope.”
Troyjo further stated, “The NDB enjoys today the highest credit rating assigned to any multilateral bank established solely by emerging economies. Meeting the sustainable development agenda 2030 necessitates large-scale and long-term investments by countries in physical, social and digital infrastructure and therefore, we map the contributions of each of our investments to fulfilling the commitments made by our member countries under the 2030 agenda.” #banking #investment #projects #infrastructure /fiinews.com
