SHANGHAI – The New Development Bank, established by the BRICS nation states (Brazil, Russia, India, China, South Africa) to mobilize resources for infrastructure and sustainable development projects in emerging economies and developing countries, will open its Americas Regional Office in Brazil, the bank said on Tuesday.
The decision was communicated to the Brazilian Foreign Minister Aloysio Nunes Ferreira by NDB President K.V. Kamath on Monday at a meeting in Shanghai, according to a statement from the bank, which is currently headquartered in Shanghai.
The “Americas Regional Office will increase operational capabilities of the NDB and facilitate identification and preparation of bankable projects in Brazil,” the statement said.
Together with the Africa Regional Center, which opened in Johannesburg last year, the new regional office will “progressively support a growing range of the Bank’s operations,” the bank added.
“The bank knows the needs and challenges of emerging and developing economies. Brazil’s aim to working closely and in cooperation with the bank is very strong. In the same way, we are confident on NDB’s resolve to support projects beneficial for the Brazilian people,” Ferreira said.
The NDB was founded by the BRICS member countries during the group’s sixth summit at Fortaleza, Brazil, in July 2014 and was formally inaugurated in Shanghai in July 2015.
The BRICS countries are home to 42 percent of the world’s population and their total share in the global economy has risen from 12 percent to 23 percent in the last decade.