New Development Bank and Agricultural Development Bank of China sign Memorandum of Understanding to Establish Framework for Cooperation
On September 14, 2021, the New Development Bank (NDB) and the Agricultural Development Bank of China (ADBC) signed a Memorandum of Understanding to establish a framework for strategic, technical and operational cooperation. The Memorandum was signed in Beijing, China by Mr. Marcos Troyjo, President of NDB and Mr. Qian Wenhui, Chairman of ADBC.
According to the Memorandum, NDB and ADBC intend to cooperate in line with their respective mandates, policies and strategies, in such areas as (i) early identification, preparation, on-lending, co-financing for infrastructure and sustainable development projects; (ii) strengthening exchanges in areas of mutual interest, including, but not limited to agricultural infrastructure, water resource management and sanitation, clean energy, transportation infrastructure, information and communications technology, healthcare and education, environmental protection and pollution control; (iii) exploring and pursuing opportunities in treasury management cooperation; (iv) analysis or research on macroeconomics, agricultural and rural infrastructure, green and sustainable development; (v) exchange of information and knowledge-sharing; and (vi) mutual training and staff development.
“We are delighted to establish a partnership between the New Development Bank and the Agricultural Development Bank of China. With the signing of this Memorandum, NDB and ADBC create a framework for cooperation to advance our shared development agenda, including in areas such as agricultural infrastructure, water and sanitation, clean energy, transport and social infrastructure,” said Mr. Marcos Troyjo, NDB President.
“Cooperating with NDB, a crucial emerging international institution, will help ADBC raise funds to support agriculture, as well as to learn advanced international project management standards and practice.” said Mr. Qian Wenhui, Chairman of ADBC. “In addition, such cooperation will also enrich the development theory and practice of NDB, and promote knowledge sharing and cooperation between China and other BRICS countries as well as other members of the development community.”
NDB was established by Brazil, Russia, India, China and South Africa to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging market economies and developing countries, complementing the existing efforts of multilateral and regional financial institutions for global growth and development. In 2021, NDB initiated membership expansion and admitted the United Arab Emirates, Uruguay and Bangladesh as its first new member countries.
ADBC is an agricultural policy bank in the People’s Republic of China under the direct leadership of the State Council, with a mission to raise funds through market based on national credit, and act as a strategic pillar of the country in supporting the development of agriculture, rural areas and farmers.