NDB and Standard Bank of South Africa Signed Memorandum on Strategic Cooperation
The New Development Bank and Standard Bank of South Africa Limited (SBSA) signed today in Shanghai a Memorandum of Understanding on Strategic Cooperation. The Memorandum was signed by Mr. Paulo Nogueira Batista, NDB’s Vice President for Economic Research, Strategy, Partnerships and Chief Risk Officer and Mr. Robert Cleasby, Global Head of Financial Institutions, at SBSA.
Both sides also exchanged views on macro-risk management framework and discussed funding and lending in local currency as a way to avoid risks associated with exchange-rate movements.
By partnering with SBSA, the NDB can increase the capillarity of its operations and enhance its portfolio quality given SBSA’s ability to evaluate local projects, especially in the African region and other emerging countries.
In line with its mandate, the NDB is engaging in partnerships with national development institutions and commercial banks from member countries as well as other international development organizations to complement the efforts to support infrastructure and sustainable development projects.
The New Development Bank was created with a vision to support and foster infrastructure and sustainable development initiatives in emerging market economies and developing countries. The Bank will complement the efforts of other existing financial institutions to realize the common goal of global growth. The founding members of the NDB – Brazil, Russia, India, China and South Africa (BRICS) – have contributed with USD 1.5 billion thus far to the Bank’s paid-in capital. With the signing of the Headquarters Agreement with the Government of the People’s Republic of China and Memorandum of Understanding with Shanghai Municipal People’s Government in February 2016, the Bank became fully operational.