New Development Bank and Asian Infrastructure Investment Bank Sign Memorandum of Understanding to Promote Cooperation
New Delhi – Today, Mr. Paulo Nogueira Batista Jr., Vice President and Chief Risk Officer of the New Development Bank (NDB) and Sir Danny Alexander, Vice President and Corporate Secretary of the Asian Infrastructure Investment Bank (AIIB) signed a Memorandum of Understanding (MoU) on the sidelines of the NDB Second Annual Meeting in New Delhi, India.
The MoU 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.
“We are delighted to formalize our strategic partnership today. Deepening cooperation between our banks will support sustainable development efforts in emerging economies and developing countries to realize the common goal of global growth. We will jointly work on delivering sustainable infrastructure in the countries where we both operate,” said Mr. Paulo Nogueira Batista Jr.
“Today’s agreement with NDB will benefit our members through the kind of shared investments and expertise that will help us deliver critical infrastructure projects,” said Sir Danny Alexander. “We believe there are real advantages to leveraging the collective experiences of our MDB partners and member countries. Only by working together, can we address the needs for power, transport and clean water across the region.”
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. The Bank will complement the efforts of other financial institutions and establish a network of global, regional and local partnerships with multilateral and national development banks as well as other institutions and market players.
As a multilateral development Bank with developing countries as its majority shareholders, AIIB’s investments are focused on the areas that matter most to its clients. Guided by their needs, the Bank is investing in sustainable infrastructure, cross-country connectivity and mobilization of private capital. Based on these themes, the Bank will leverage its relationships with other multilateral development banks and private financiers to meet Asia’s growing infrastructure demands and contribute to social and economic growth in the region.
AIIB is a new multilateral development bank founded to bring countries together to address the daunting infrastructure needs across Asia. Headquartered in Beijing, AIIB commenced its operation in January 2016 and has now grown to 70 approved members from all over the world. Its mission is to improve economic and social development in Asia by investing in high quality, financially viable and environmentally friendly infrastructure projects.