New collaboration announced between IDB Group and NDB

The Inter-American Development Bank (IDB), IDB Invest and the New Development Bank (NDB) announced that they have agreed to collaborate on areas of common interest and general cooperation. The memorandum of understanding (MOU) was signed in Washington, DC by Luis Alberto Moreno, President of the IDB, James P. Scriven, Chief Executive Officer of the IDB Invest, and K.V. Kamath, President of the NDB.

“At the Inter-American Development Bank, we are increasingly prioritizing collaboration with our fellow multilateral institutions and are proud to have formalized this partnership with the New Development Bank,” said IDB Vice President for Countries Alexandre Meira da Rosa. “We look forward to identifying opportunities for co-financing sustainable development and infrastructure projects in Brazil and solidifying south-south cooperation as a means of improving quality of life in Latin America and the Caribbean.”

“I am pleased to sign the Memorandum of Understanding between the NDB, IDB and IDB Invest, as this initiative paves the way for collaboration between the three organizations. We will work closely together to contribute to sustainable infrastructure development,” said Mr. K.V.Kamath. “We believe that partnerships with key national, regional and global institutions are essential for the NDB in order to provide the best possible products and services to our member countries,” he added.

The memorandum facilitates collaboration between the parties and provides a general framework for cooperation in a range of areas and services. The memorandum focuses on the following areas of work:

• Joint participation in programs and projects for sustainable development and infrastructure in common borrowing member countries;
• Support for the development of clean transportation, renewable energy, energy efficiency, sustainable water management and sewage treatment;
• Exploration and pursuit of opportunities in areas such as South-South cooperation, economic and business information, treasury and financial services; and
• Exchange of information, knowledge-sharing and joint analysis to benefit from each other’s experience and expertise.

Original source: IDB
Published on 2 May 2018