On 26 July 2017, Mr. K.V.Kamath, the President of the New Development Bank met Mr. João Doria Jr., the Mayor of São Paulo, Brazil in the Bank’s office in Shanghai. The development plans for São Paulo and possible projects in the city were discussed during the meeting.
The NDB is interested in financing infrastructure and sustainable development projects in Brazil as well as raising funds in local currency in the Brazilian market, highlighted Mr. K.V.Kamath.
The future regional office of NDB in Brazil could be set up in São Paulo, suggested Mr. João Doria Jr.
The New Development Bank was created with an objective of financing infrastructure and sustainable development projects in Brazil, Russia, India, China and South Africa and other emerging economies and developing countries. In 2016, the Board of Directors of the Bank approved seven investment projects in the areas of green and renewable energy and transportation for a total of over US$ 1.5 billion.