Shanghai held a groundbreaking ceremony for the permanent headquarters of the New Development Bank (NDB), a multilateral development bank founded by BRICS countries (Brazil, Russia, India, China and South Africa).

NDB, established in 2015 and headquartered in Shanghai, is a multilateral organization and eyes not only meeting the financial target of investors and shareholders, but also aspires to facilitate cultural exchanges and experience sharing, said K.V. Kamath, the president of NDB.

The NDB Board of Directors approved four infrastructure and sustainable development projects in China, India and Russia, with loans aggregating over $1.4 billion on Wednesday.

These projects are fully in line both with the national development agendas of the bank's member countries and the NDB's mandate of mobilizing resources for infrastructure and sustainable development in BRICS and other emerging economies and developing countries, according to Kamath.

China's Finance Minister Xiao Jie said China attaches great importance to NDB's development and hopes the bank will continue to eye long-term, sustainable and innovative development to provide clients with efficient and quality services.

Ying Yong, mayor of Shanghai, said NDB plays an important role in Shanghai's efforts of becoming an international financial hub, and he expects NDB will further contribute to deeper and wider collaborations among BRICS countries and developing countries.

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