The New Development Bank (NDB), of the Brics—a bloc comprising Brazil, Russia, India, China, and South Africa—was the topic of a meeting held Tuesday (Nov. 6) in Shanghai, China, between Brazil’s Foreign Minister Aloysio Nunes, and NDB President Kundapur Vaman Kamath.

During the meeting, Nunes and Kamath talked about the bank’s institutional advancements and the efforts to expand its work in Brazil. As it stands today, NDB provides over $600 million in funding for projects in infrastructure, transport, and sanitation.

The Brazilian minister praised the progress made by the bank since his his last visit to Shanghai last May. Since then, a deal was signed for the installation of an NDB regional office for the Americas in São Paulo. Its inauguration is likely to take place in 2019 during the Brazil Investment Forum.