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The New Development Bank looks to open Brazil office in 2018

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The New Development Bank looks to open Brazil office in 2018

China-based The New Development Bank plans to open a regional office for Latin America in Brazil by 2018, Valor Econômico reported.

According to Sergio Gusmão Suchodolski, director of strategy and partnerships for the bank, they are also looking to expand financing to private companies, partner with major banks in the country and double the number of its Brazilian employees in Shanghai, where it is based, by the end of the year.

The opening of the bank's Brazil office will contribute to the development of the country's loan portfolio, Suchodolski said. The bank plans to focus its operations in Brazil first, before expanding throughout the region where it hopes to expand its membership.

The New Development Bank is a multilateral development bank that is operated by the BRICS states, including Brazil, Russia, India, China, and South Africa.