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The centre is based in New Delhi, India

It will work to support local member countries – Bangladesh, Bhutan, India, Maldives, Nepal and Sri Lanka – to build institutional and human capacity and implement policies for growth and poverty reduction.

The region, already home to one fifth of the world’s population, is growing rapidly, fuelling demand for IMF technical assistance and training in South Asia.

Carla Grasso, IMF deputy managing director, said the centre would make a very strong contribution to capacity building in a region that was critical for global sustainable economic development, growth and stability.

The South Asia Training and Technical Assistance Center (SARTTAC), will join the IMF’s 14 other regional centres as a hub of fund support for institution building.

According to the fund, it will form a “new kind of capacity development institution” that will integrate customised hands-on training with targeted technical advice, and generate “new synergies” between the two.

It is located in New Delhi, where an opening ceremony took place yesterday, and is financed mainly by its six member countries, as well as the fund and donor countries including Australia, South Korea the EU and the UK.

Proposals for the centre were agreed between IMF managing director Christine Lagarde and Indian finance minister Arun Jaitley last year.

Inaugurating the new centre yesterday, secretary Shaktikanta Das, of India’s ministry of finance, described the initiative as “pioneering”.

“This is the IMF’s first fully integrated capacity development centre, which brings together under one roof the two building blocks of capacity development – training and technical assistance,” he said.

“I am sure the centre will build on this unique advantage, and over time evolve as a model for others to emulate.”