In April, the New Development Bank (NDB) signed three MoUs with international financial institutions (IFIs) to boost cooperation and to support the sustainable development, including infrastructure projects.
With the European Investment Bank the NDB signed a MoU to structure future cooperation between the two institutions. According to the MoU, the NDB and EIB intend to explore cooperation in the areas of infrastructure, environment, and sustainable development projects in accordance with their respective mandates and policies. The two banks will seek to co-finance projects of mutual interest in eligible countries, including projects that contribute to the enhancing of sustainable infrastructure as well as engage in other initiatives.
Under the MoU signed with Eurasian Development Bank the tow IFIs will establish а framework for enhanced strategic, technical and operational cooperation. “This partnership agreement between our development banks is an important step towards working together on delivering sustainable infrastructure in the regions where we both operate. We look forward to strengthening cooperation between our institutions in addressing the world’s huge infrastructure needs,” Paulo Nogueira Batista Jr., NDB Vice President said.
The agreement signed between NDB and International Investment Bank will develop sector and thematic level collaboration in areas of mutual interest, including infrastructure development and sustainable development projects in renewable energy, energy efficiency, clean transportation and other areas. The two banks will endeavor to promote co-financing and other forms of joint participation in financial assistance for development projects and engage in other initiatives, including capacity building, research and knowledge exchange.
Another MoU was signed between NDB and Asian Infrastructure Investment Bank that provides a comprehensive framework for NDB-AIIB cooperation, including developing sector and thematic level collaboration in areas of mutual interest, such as infrastructure and sustainable development projects. It will also enable these two Banks to partner on co-financing opportunities, facilitate knowledge sharing and provide mutual training and development of their staff.
The New Development Bank was created with an objective of financing infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries.
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