Shanghai pledges to enhance support for multinational institutions

The Shanghai government will improve the city's business climate and services to cater to the needs of the locally-based multinational enterprises and institutions, said Mayor Ying Yong today.

Ying made the pledge at the third annual meeting of New Development Bank held in Shanghai as he praised the multinational bank's achievement in the past three years and expressed his hope for the institution to meet the growing need among emerging nations for cooperation and financial support.

The mayor said the local government will continue to enhance the business climate and services to help NDB grow further while at the same time building the city to become an international financial center.

Last year, the Shanghai-headquartered bank approved six projects worth over US$1.8 billion, and the total amount approved since its inception in 2015 reached US$ 3.4 billion by the end of 2017. The NDB said its project approval book will be worth US$7.5-8 billion by the end of this year.

K. V. Kamath, president of NDB, said all these projects focused on improving sustainability and addressed some of the critical developmental needs of the member countries.