BRICS bank launches Indian regional office

SHANGHAI, May 20 (Xinhua) -- The BRICS New Development Bank (NDB) has launched the Indian Regional Office in the Gujarat International Finance Tec-City, the bank announced during the seventh annual meeting of its board of governors held virtually on Thursday.

The launch of the office aims to cater to the infrastructure and sustainable development needs in India and Bangladesh, contributing to economic growth and sustainable development in South Asia, the bank said.

The office will focus on project origination, pipeline development, project implementation and monitoring, and regional portfolio management.

"The Indian Regional Office is part of the NDB's effort to increase the quality and complexity of its operations, creating a network of business and development opportunities," said Marcos Troyjo, the bank's president.

The bank is in the final stages of preparing for the physical opening of the office.

Headquartered in Shanghai, the NDB was established by BRICS nations, namely Brazil, Russia, India, China and South Africa. The bank formally opened in July 2015.