On February 9-11, 2026, Mr. Roman Serov, Vice President and Chief Operating Officer of the New Development Bank (NDB), visited India.
Mr. Serov met with the Ministry of Finance, Department of Economic Affairs (DEA), Government of India. He provided an update on the Bank’s sovereign and non-sovereign lending portfolio in India and discussed the Bank’s new strategy cycle for 2027-2031. It was agreed that the DEA would actively participate in the development of the new strategy, outlining key priorities for the Bank and presenting its vision for the Bank over the next five years. The DEA emphasised the importance of INR and JPY financing by NDB, issuance of the NDB debut bonds, as well as local credit rating and the priority of developing local currency operations.
Mr. Roman Serov participated in the 1st BRICS Sherpa Sous Sherpa Summit, where he briefed representatives from respective Ministries of Foreign Affairs of the BRICS countries on the Bank’s key operational results and priorities for 2026, including the preparation of the new General Strategy.
Mr. Serov met with Mr. T. Rabi Sankar, Deputy Governor of the Reserve Bank of India (RBI). The Deputy Governor supported the NDB’s debut INR bond. He emphasized the importance of local currency for providing a natural hedge against forex risks for the borrowers and underlined the necessity for the Bank to finance infrastructure and sustainable development projects in local currencies to avoid cross-border swaps.
Mr. Serov also met with the financial management of the National Investment and Infrastructure Fund (NIIF), where the NDB invested in INR into the NIIF’s Private Markets Fund of Funds, a specialised equity fund for country’s local infrastructure projects.
During his meeting with Mr. Shaktikanta Das, Principal Secretary to the Prime Minister of India, Mr. Serov provided an update on the NDB’s current portfolio in India and sought guidance on operational priorities for the upcoming NDB General Strategy 2027-31. Mr. Das expressed support for the NDB’s INR bond issuance and welcomed NDB’s active support of the Indian Presidency in BRICS.
Mr. Serov also engaged with Mr. Srinivas Katikithala, Secretary, Ministry of Housing and Urban Affairs (MoHUA). He provided an update on the Bank’s ongoing initiatives in financing the development of metro rail systems in Mumbai, Chennai and Indore, including the Delhi-Meerut RRTS network. The parties discussed expanding the Bank’s partnership with states by proposing new metro rail and urban development projects.
To advance cooperation in the energy sector, Mr. Serov held a meeting with Mr. Gurdeep Singh, Chairman and Managing Director of the National Thermal Power Corporation (NTPC). The discussion focused on potential cooperation, including nuclear energy projects and clean energy transition initiatives.
NDB VP & COO also made a site visit to the Delhi-Ghaziabad-Meerut Regional Rapid Transit System (RRTS) project, which was financed by the Bank.