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September 4, 2017

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Work starts on BRICS bank headquarters

CONSTRUCTION of the permanent headquarters of the BRICS New Development Bank started at the Shanghai Expo Park on Saturday.

“We are extremely grateful to Shanghai, and the NDB is proud to call Shanghai its home. We have been received with great warmth and enjoyed enormous support from the Shanghai government at each our step,” said KV Kamath, NDB president.

“China’s and Shanghai’s experiences and knowledge will contribute enormously to the rest of the world. And there could be useful learnings from other countries for China as well,” said Kamath.

The building will have a total floor space of 126,000 square meters, with 30 floors above ground and four underground.

The design is aimed to be environmentally friendly, human and function-oriented, and at the same time ensure low maintenance costs.

A significant section of the roof will be used for greenery to reduce the influence of the building on the environment, not only returning an ecological green space to nature but also improving thermal insulation.

The building will also have a rainwater recycling system.

It is expected to be in operation in four years.

The NDB was established by Brazil, Russia, India, China and South Africa, and formally opened on July 21, 2015, in Shanghai.

It aims to address a massive infrastructure funding gap in the member countries, which account for almost half the world’s population and a fifth of global economic output.

The New Development Bank and the Contingent Reserve Arrangement have provided financing support for BRICS infrastructure building and sustainable development, contributing to enhanced global economic governance and the building of an international financial safety net, Chinese President Xi Jinping said yesterday.

Kamath said on Friday that it aims to make about US$4 billion in loans next year. To date, it has invested in 11 projects, lending US$1.5 billion in 2016 and US$2.5 billion in loans set for this year.


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