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September 29, 2021

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New Development Bank officially opens new head office in Pudong

By Huang Yixuan | 00:00 UTC+8 September 29, 2021 | Print Edition

The New Development Bank officially opened its new headquarters in Shanghai yesterday.

The 126,000-square-meter building in the Shanghai Expo Park area, construction of which was completed in December 2020, can accommodate about 2,500 people.

“It’s a very happy day for the New Development Bank because the ceremony represents a lot in terms of our institution’s development and what it has accomplished over the past six years,” said Marcos Troyjo, president of New Development Bank.

“And I think it’s also a great opportunity for Shanghai because we are an important addition to the city’s profile as a global financial center,” Troyjo said.

Zhou Qiangwu, vice president and chief administrative officer of the NDB, said: “We will use this headquarters to strengthen the cooperation among BRICS countries and emerging economies as well as other developing countries.

“In the meantime, we’ll endeavor to facilitate outreach for local authorities.”

China’s Minister of Finance Liu Kun also delivered a video speech, saying that China will, as always, offer strong support and good services and stand ready to join hands with other BRICS states to promote the NDB into a new type of multilateral development institution to push ahead building a community with a shared future for mankind.

BRICS is Brazil, Russia, India, China and South Africa. The New Development Bank, formerly referred to as the BRICS Development Bank, is a multilateral development bank established by the BRICS states.

The bank supports public and private projects through loans, guarantees, equity, and other financial instruments. It also cooperates with international organizations and other financial entities and provides technical assistance.

Since opening in July 2015, the bank has made significant contributions to BRICS countries in promoting infrastructure development and investment for sustainable development, supporting member countries in combating the pandemic, and stabilizing these countries’ economies.

So far, it has approved 80 projects in member states worth about US$30 billion.

The projects cover a wide range of fields such as clean energy, transportation, urban development, water and sanitation, social infrastructure, and digital infrastructure.

The bank has also actively expanded finance channels for green bonds and sustainable development bonds. It has issued 20 billion yuan (US$3.1 billion) of bonds in China’s inter-bank bond market and obtained AA+ and AAA international credit ratings.

In early September, New Development Bank announced the first expansion of its membership to include three new members — the United Arab Emirates, Uruguay, and Bangladesh, increasing its international influence.

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