New Development Bank HQ completes construction

The completion of the Shanghai headquarters of the New Development Bank was announced on Thursday.

The 126,000-square-meter building in the Shanghai Expo Park area can meet the office needs of about 2,500 people. It also meets security standards equivalent to those for the Asian Infrastructure Investment Bank and the World Bank.

The interior of the building is being upgraded, and is expected to be officially put into use in September next year, according to Zhu lili, project manager for the building at Shanghai Construction Group.

The building has obtained China Green Building (three star) and China Health Building (three star) certificates, Zhu said.

The New Development Bank, formerly referred to as the BRICS Development Bank, is a multilateral development bank established by the BRICS states (Brazil, Russia, India, China and South Africa). The bank supports public and private projects through loans, guarantees, equity participation and other financial instruments. It also cooperates with international organizations and other financial entities, and provides technical assistance for projects it will support. 

Since opening in July 2015, the NDB has approved funding of around US$25 billion for infrastructure, clean energy, transport and environmental protection projects. 

Following the COVID-19 outbreak, the bank planned to provide up to US$10 billion in crisis-related assistance to member countries. In one case, it approved emergency loans totaling US$6 billion to China, India, South Africa and Brazil through a fast-track mechanism, most of which have been disbursed.

Marcos Troyjo, the bank’s president, said: “We want this building to be much more than simply a set of offices. It has to be a living symbol of what new development means, and how central it is for the future of international cooperation in building a better life for all.”

Zou Jiayi, vice minister at China’s Ministry of Finance, said: “We hope that the NDB will take the completion of the headquarters building as a new starting point, to further develop its advantages, more effectively support the development of member countries, and continuously enhance its international influence.”