New Development Bank and India Sign Project Preparation Fund Contribution Agreement
On 19 April 2017, the New Development Bank and the Ministry of Finance of the Republic of India signed Project Preparation Fund (PPF) contribution agreement. The Agreement was signed by Mr. Leslie Maasdorp, NDB Vice President, Chief Financial Officer and Mr. Virender Singh, Director (NDB), Department of Economic Affairs, Ministry of Finance of the Republic of India on the sidelines of the Spring Meetings of the International Monetary Fund and World Bank Group.
The Project Preparation Fund will create an enabling environment for project preparation and facilitate the undertaking of feasibility studies. The fund will also leverage local expertise in the member countries of the NDB and optimize resource utilization.
The first PPF contribution agreement was signed by the NDB and China in the city of Xiamen on the sidelines of the 9th BRICS Summit on 4 September 2017.
The second PPF contribution agreement was signed by the NDB and Russia in October 2017.
The New Development Bank (NDB) is a multilateral development bank established by Brazil, Russia, India, China and South Africa in 2014. The Bank is mandated to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries, complementing the efforts of multilateral and regional financial institutions for global growth and development.