NaBFID signs MoU with New Development Bank to accelerate financing infra projects

The National Bank for Financing Infrastructure and Development (NABFID) said on Thursday that it has signed a memorandum (MOU) with the new development bank (NDB), creating a deep and permanent infrastructure financing market and developing a subsidiary ecosystem around it. NDB is a multilateral development bank established by Brazil, Russia, India, China and South Africa (BRICS), with the aim of raising resources for infrastructure and sustainable development projects in emerging markets and developing countries (EMDCs).

A joint statement stated that this cooperation will help to bridge the infrastructure financing intervals and find out long-term cooperation opportunities, including exchange of technical expertise.

Nabfid aims to work with NDB on clean energy and transport projects, such as renewable energy initiatives, permanent water and sewage management, among others.
The MoU also lays the foundation for both organizations to participate in infrastructure projects through the aponent level cooperation within its respective mandate, this.

Additionally, it said, NABFID and NDB will participate in research and capacity-building initiatives, including seminars and workshops, to share knowledge and increase institutional abilities.

Talking about the partnership, Nabfid Managing Director Rajakaran Rai Ji said that this MoU will help accelerate infrastructure financing in NBFID clean energy and social impact projects, which will generate long -term values ​​for all stakeholders. NDB Vice President and Chief Operating Officer Vladimir Kazabkov said, “We are happy to partner with NABFID to run India's infrastructure and social sector development. This MoU reflects our shared vision to promote economic growth by promoting sustainable and inclusive growth.”