(Yicai Global) June 26 -- New Development Bank, initiated and set up by the BRICS association, witnessed the structural roof-sealing of its headquarters building in Shanghai today, only 22 months from the project's groundbreaking.

The bank is the first international financial institution to settle its head office in the eastern Chinese megacity.

The building's construction will conclude at the end of August 2020 and it will be commissioned into service in September 2021, The Paper reported, citing Ma Chunlei, deputy secretary general of the city government and general director of the edifice's command center.

Located in the Expo Park in Shanghai's Pudong New Area, the 150-meter-high structure with 30 above-ground floors and four underground ones funded by the city has 126,000 square meters of floorage and will supply the office needs of about 2,000 people after completion.

Starting operation in February 2016, New Development Bank, a multilateral development bank jointly initiated and set up by the BRICS association of Brazil, Russia, India, China and South Africa, aims to fund infrastructure construction and sustainable development projects in member countries, other emerging economies and developing countries, and serve as a key complement to multilateral international development institutions.

Founding members equally shouldered its USD50 billion Initial subscribed capital and USD100 billion initial legal capital. The bank's board has approved 37 investment projects thus far, with loan commitments totaling about USD10 billion.

Editor: Ben Armour