New Development Bank (NDB) President K.V. Kamath and Asian Development Bank (ADB) President Takehiko Nakao signed a memorandum of understanding (MoU) on cooperation here today. The signing ceremony took place during Mr. Kamath's visit to ADB headquarters to meet with ADB's Management and Board of Directors.
The purpose of the MoU is to develop and facilitate collaboration between ADB and NDB and to set out areas for strategic cooperation toward the achievement of their common objectives.
"This framework of collaboration is a significant milestone for ADB-NDB cooperation," said Mr. Nakao. "As the region's development landscape is continuously evolving, we will strengthen our cooperation in achieving sustainable, balanced, and inclusive growth and poverty reduction in countries of common interest."
"It is a matter of great pride to form this alliance with ADB. This MoU creates a platform for sharing knowledge and seeking cofinance opportunities," said Mr. Kamath. "There are several synergies between the two organizations and we hope that this MoU will harness these and benefit both in the long run. This partnership will enable NDB to leverage insight of ADB and help us strive towards our common development goals."
Through cofinancing and joint knowledge work, the two institutions will work together in areas including sustainable development projects in renewable energy, energy efficiency, clean transportation, sustainable water management, and sewage treatment.
ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, ADB in December 2016 will mark 50 years of development partnership in the region. It is owned by 67 members—48 from the region. In 2015, ADB assistance totaled $27.2 billion, including cofinancing of $10.7 billion.
NDB, located in Shanghai, is a multilateral development bank established by the Governments of the Federative Republic of Brazil, the Russian Federation, India, the People's Republic of China, and the Republic of South Africa (BRICS) with a purpose of mobilizing resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries.
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