BRICS Bank plans to launch Americas Regional Office in Brazil

The BRICS New Development Bank (NDB) is planning to launch its Americas Regional Office in Brazil this year, the bank said today.

K V Kamath, the NDB president, made the remarks while meeting with Brazilian Foreign Minister Aloysio Nunes Ferreira in Shanghai yesterday.

The Americas Regional Office will increase the operational capabilities of the NDB, headquartered in Shanghai, and facilitate identification and preparation of bankable projects in Brazil, the bank said in a press release today.

Together with the Africa Regional Centre opened last year in Johannesburg, South Africa, the new regional office will progressively support a growing range of the bank's operations, the release said.

The NDB was founded by the BRICS member countries -- Brazil, Russia, India, China and South Africa -- during the group's sixth summit in Fortaleza, Brazil in July 2014 and formally opened in Shanghai in July 2015.

The Bank is mandated to mobilise resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries, complementing the efforts of multilateral and regional financial institutions for global growth and development, the release said.