IRO for creating a network of business and development opportunities, says Troyjo
The New Development Bank (NDB) says its Indian Regional Office (IRO) in Gujarat International Finance Tec-City (GIFT City) is to 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,” NDB President Marcos Troyjo said on 19 May 2022.
“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.”
The 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.
NDB has so far approved 21 projects, worth US$7.1 billion, in India.
NDB was established with the purpose of mobilizing resources for infrastructure and sustainable development projects in BRICS and other emerging 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 while Americas Regional Office (ARO) in São Paulo with a sub-office in Brasília w as established 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.
NDB signed an agreement with the Indian Government on IRO hosting on 11 December 2020.
NDB was set up in 2014 by Brazil, Russia, India, China, and South Africa as member countries of BRICS. The Bank, operationalised in 2015, with headquarters in Shanghai, has expanded its membership in 2021 to include four countries namely, Bangladesh, the UEA, Egypt and Uruguay. fiinews.com
