Representative image showing a deal being made.
Credit: Pixabay Photo
Mumbai: The National Bank for Financing Infrastructure and Development (NaBFID), one of India’s premier Development Financial Institution (DFI), has signed a MoU with the New Development Bank (NDB) to establish a strategic framework for cooperation in areas of mutual interest, which includes creating a deep and sustainable infrastructure financing market and developing a supportive ecosystem around it.
The NDB is a multilateral development bank established by Brazil, Russia, India, China, and South Africa (BRICS) with the purpose of mobilising resources for infrastructure and sustainable development projects in emerging markets and developing countries (EMDCs).
This collaboration will help bridge the infrastructure financing gap and explore long-term collaboration opportunities, including the exchange of technical expertise, according to a press statement.
NaBFID aims to work with NDB on clean energy and transportation projects, such as renewable energy initiatives, sustainable water and sewage management, among others. The MoU also lays the foundation for both organisations to participate in infrastructure projects through thematic-level collaborations within their respective mandates.
Additionally, NaBFID and NDB will partner in research and capacity-building initiatives, including seminars and workshops, to promote knowledge sharing and enhance institutional capabilities.
Rajkiran Rai G, Managing Director, NaBFID, said: “This collaboration with NDB marks a significant step in our commitment to nation-building and sustainable development. This MoU will help NaBFID accelerate infrastructure financing in clean energy and social impact projects, creating long-term value for all stakeholders.”
Vladimir Kazbekov, Vice President and Chief Operating Officer, NDB, said: “We are delighted to partner with NaBFID to drive India’s infrastructure and social sector development. This MoU reflects our shared vision of fostering economic growth while promoting sustainable and inclusive development."