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New Development Bank of the BRICS to Open Americas Regional Office in Brazil

The New Development Bank (NDB) of the BRICS group will open this year the Regional Office of the Americas in Brazil to progressively support the growing variety of operations of the bank in the country.

BRICS leaders meet at G20 Summit, 15 Nov 2015. Former President of Brazil Dilma Rousseff, Prime Minister of India Narendra Modi, President of Russia Vladimir Putin, President of Chine Xi Jinping and South Africa's President Jacob Zuma. Photo: GovernmentZA, CC.

The New Development Bank (NDB), part of the BRICS group (Brazil, Russia, India, China and South Africa), announced the opening of the Americas regional office in Brazil this year, the Bank said in a press release issued on Tuesday.

The president of the NDB K.V. Kamath met with Brazilian Foreign Minister Aloysio Nunes in Shanghai China where they would define the launch plan for the regional office in the South American country.

The NDB Regional Office of the Americas will promote the operational capacities of the Bank based in Shanghai, facilitating the identification and preparation of the bankable projects in Brazil.

The bank aims to finance infrastructure projects and sustainable development of the BRICS countries and other emerging economies and developing countries.

The NDB was created during the sixth summit of the BRICS group that was held in Brazil in July 2014 and officially opened in July 2015 in Shanghai.