NDB first multilateral agency to open office in GIFT city.

New Development Bank(NDB) will become the first multilateral agency to open an office in the Gujarat International Finance Tech City (Gift) .
NDB vice president representating India Anil Kishora said the multilateral agency will take all requisite steps to make the Indian office operational .
New Development Bank (NDB) has received the approval for the same and will open the office in May 2022 in GIFT City.
The Indian office will help identify suitable projects and try to create a pipeline of potential financing for the bank.

The New Development Bank (NDB), formerly referred to as the BRICS Development Bank, is a multilateral development bankestablished by the BRICS states (Brazil, Russia, India, China and South Africa).
NDB supports public or private projects through loans, guarantees, equity participation and other financial instruments.
NDB cooperates with international organizationsand other financial entities, and provide technical assistance for projects to be supported by the Bank.
Formation :July 2014
President : Marcos Prado Troyjo (Brazil).

About BRICS:

The BRICS (Brazil-Russia-India-China-South Africa) set up the bank with an aim to mobilise resources for infrastructure and sustainable development projects in emerging economies.
The BRICS brings together five of the largest developing countries of the world, representing 41 per cent of the global population, 24 per cent of the global GDP and 16 per cent of the global trade.
FORMATION- September 2006
Headquarter – BRICS Tower Shanghai, China.

Gujarat International Finance Tec-City(GIFT City) is an under-construction central business district in Gandhinagar in Gujarat, India.
It is India’s first operational greenfield smart cityand international financial services center, which the Government of Gujarat promoted as a greenfield project, The city is located on the banks of the Sabarmati River and is around 12 km (7.5 mi) from Sardar Vallabhbhai Patel International Airport.
The city is designed so residents can walk to work, and includes commercial,financial and residential complexes.

It is established on April 27, 2020
It is headquartered at GIFT City, Gandhinagar in Gujarat.
Chairperson – Injeti Srinivas
The IFSCA is a unified authority for the development and regulation of financial products, financial services and financial institutions in the International Financial Services Centre (IFSC) in India.
At present, the GIFT IFSC is the maiden international financial services centre in India.
Prior to the establishment of IFSCA, the domestic financial regulators, namely, RBI, SEBI, PFRDA and IRDAI regulated the business in IFSC.

2 years ago