Construction of New Development Bank HQ completed

The New Development Bank announced on Thursday the construction of its headquarters in Shanghai's Pudong New Area has been completed.

The 30-story building, which began construction in September 2017, is the first global headquarters of an international organization located in Shanghai. The 126,000-square-meter building will be put into use next September and can accommodate about 2,000 people.

Initiated and established by the BRICS states, the New Development Bank aims to finance the infrastructure and sustainable development projects for BRICS members, emerging markets and other developing countries. The long-term goal of this multilateral organization is to support the development of regional financial institutions and facilitate global economic growth.

Officially launched in July 2015, the New Development Bank has to date approved financing projects with a combined value of $25 billion. These projects cover fields such as infrastructure, clean energy, transportation and environmental protection. Since the COVID-19 outbreak, the bank has provided up to $10 billion in financial support to member states, including a $6 billion emergency loan provided to China, India, South Africa and Brazil.