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NDB discusses updates on investment opportunities with BRICS Business Council

NDB and the Government of the Federative Republic of Brazil signed the Agreement on hosting of the NDB Americas Regional Office (ARO).


PTI 28 Jul 2018, 05:42 AM India, South Africa

NDB and the BRICS Business Council (BBC) co-hosted a Business Breakfast in Durban, with attendance from key diplomatic leaders and business leaders. The objective of this meeting was to discuss updates on investment opportunities, credit rating options for the bank from global capital markets, continued efforts to identify the right projects to drive sustainability in all member countries, establishing a guarantee mechanism between the Bank and BBC to strengthen partnerships on future projects and more.

The President's Speech to BRICS Leaders: Mr. K.V. Kamath met with leaders of the BRICS countries and delivered an update to them, reporting on the Bank's progress. He confirmed that to date, the NDB has approved 23 projects aggregating USD 5.7 billion. He also highlighted that the NDB Africa Regional Center in Johannesburg is the face of the Bank in South Africa and an extension of the same focus on scaling up projects for the country. Mr. Kamath also noted on the upcoming opening of the Americas Regional Office in Brazil this year.

Americas Regional Office opening in Brazil: NDB and the Government of the Federative Republic of Brazil signed the Agreement on hosting of the NDB Americas Regional Office (ARO), slated to be opened later in this year. This is a key milestone for the Bank as the ARO will play a crucial role in the identification and preparation of bankable projects in Brazil.

Meeting with South Africa President: Mr. K.V. Kamath met with Mr. Cyril Ramaphosa, the President of the Republic of South Africa. The key updates during the meeting included further development of the Bank, expansion of the Bank's project pipeline in South Africa, the progress so far and the evolving role of NDB's Africa Regional Center in Johannesburg.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


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