New Development Bank and European Investment Bank have signed a Memorandum of Understanding to structure future co-operation between the two institutions.
The MoU was signed by KV Kamath, president of the NDB and Werner Hoyer, president of EIB on the sidelines of the NDB Second Annual Meeting in New Delhi, India.
According to the MoU, the NDB and EIB intend to explore co-operation in the areas of infrastructure, environment, and sustainable development projects in accordance with their respective mandates and policies.
The two banks will seek to co-finance projects of mutual interest in eligible countries, including projects that contribute to the enhancing of sustainable infrastructure as well as engage in other initiatives.
“I am pleased to sign this Memorandum of Understanding together with EIB president Werner Hoyer. "We greatly appreciate the support offered by EIB during the formation stage of NDB and look forward to further advancing our cooperation,” said K.V. Kamath.
“The MoU structures our cooperation and lays the groundwork for working together for many years ahead. Collaboration between NDB and EIB will improve the ability of both banks to meet the expectations of their respective member states,” he added.
“Establishing partnerships with key national and global institutions is essential for NDB in order to provide the best possible products and services to our members. We will strive to make a positive difference by complementing the efforts of other multilateral development banks, including EIB,” he said.
Werner Hoyer, president of the European Investment Bank, said: “Strengthened co-operation, enhanced knowledge sharing and stronger institutional and operational collaboration between leading international financial institutions is crucial to develop synergies and more effectively unlock new investment that improves people’s lives and transforms economic opportunities.
"The European Investment Bank and New Development Bank have worked closely during the formation stage of the NDB and we look forward to building on this track record to jointly back transformational infrastructure around the world.
"As the EU Bank, we share the New Development Bank’s commitment to support sustainable development and climate related investment. We look forward to enhancing this partnership in the years ahead.”
