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On 4 September 2017, the New Development Bank (NDB) and the BRICS Business Council signed a Memorandum of Understanding on Strategic Cooperation. The Memorandum was signed by Mr. K.V.Kamath, the President of the NDB and the five Chairpersons of the Council during the 9th BRICS Summit in Xiamen in the presence of BRICS Leaders.
According to the Memorandum, both sides will fully harness their respective resource advantages and professional expertise, build a long-term, stable and mutually beneficial relationship, and jointly promote the cooperation among and the development of BRICS countries.

The Memorandum provides a framework for the cooperation between the parties in the following areas:

  • Facilitating respective financial institutions from member countries to promote projects sponsored by NDB and to broaden resources for sustainable infrastructure development in BRICS countries;
  •  Exploring opportunities in using BRICS local currencies in NDB’s funding and financing activities;
  •  Setting up a mechanism for frequent and effective knowledge exchange through conferences, seminars, and workshops;
  • Cooperation in research projects that target the priority issues facing BRICS countries and emerging markets from the business sector perspective.

In line with its mandate, the NDB is engaging in partnerships with international and national development organizations to complement the efforts to support infrastructure and sustainable development projects.

The BRICS Business Council is a platform aimed at strengthening and promoting economic, trade, business and investment ties between the business communities of the BRICS countries.