(Yicai Global) Dec. 17 -- Construction work on the New Development Bank’s headquarters building in Shanghai has been completed after three years. Set up by the BRICS countries in 2014, the lender is the first international financial institution to pick the Chinese city as its base.

A ceremony to mark the completion of building work was held in Shanghai today. Located in Pudong district, the 34-floor tower block can accommodate about 2,000 staff when it opens next September. 

The new headquarters will continue to contribute to Shanghai’s infrastructure development after its completion, NDB Vice President Zhu Xian told Yicai Global. In addition to Chinese yuan loans already available in China, the bank is also actively preparing local loans in Brazil and Russia, he added.

The NDB -- the first global multilateral development bank founded and led by emerging economies -- began operation in July 2015, and has so far approved USD25 billion of projects in infrastructure, clean energy, transport and environmental protection. Its first loan went to a distributed photovoltaic program in Shanghai’s Lingang New Area.

Against the backdrop of the global Covid-19 crisis, the NDB planned to provide USD10 billion worth of funding to member countries, including USD6 billion in emergency loans through its fast-track mechanism to China, India, South Africa and Brazil, most of which have been allocated, the bank said earlier.

The BRICS states are Brazil, Russia, India, China and South Africa.

Editors: Dou Shicong, Peter Thomas