Top-out for New Development Bank HQ in Shanghai
The ceremony to mark the end of building the basic structure of the New Development Bank headquarters
The New Development Bank celebrated the completion of the basic structure of its new headquarters in the World Expo Park in Pudong New Area, on Wednesday.
The new building will open in September 2020. It is the first international organization to set up headquarters in Shanghai.
With a floor area of 126,000 square meters, the building has 30 stories above ground and four underground and will cater to 2,000 workers.
Construction began in September 2017. Wednesday's ceremony marked the completion of the structure to the full height of the building, known as a structure-sealing ceremony in China, or the top-out in the West.
NDB Chief K.V. Kamath said the top-out of the building marked another important milestone for the bank.
“I wish to congratulate our Shanghai colleagues for a job well-done," he said.
"I’m pleased to note that we not only stuck to the original plan, the top-out was even ahead of schedule. Given the complexity of the project, this is indeed a remarkable achievement.
“This building is now visible from all parts of the city, and it has given me great pleasure to see it grow in height each day from my office window in Lujiazui,” Kamath said.
The New Development Bank, established in 2015, has attracted 150 staff from all BRICS countries to support projects in the emerging markets of Brazil, Russia, India, China and South Africa.
The Board of the bank has so far approved 37 projects in all five member countries totalling about US$10 billion. It has received AA+ ratings from international credit rating agencies, thereby enabling it to mobilize financing from global and domestic capital markets at competitive rates.
It has raised 6 billion yuan (US$870 million) from the inter-bank bond market in China. Apart from US dollars, it is now making yuan-denominated loans to clients in China.
Construction at the New Development Bank headquarters
The New Development Bank headquarters
