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.
About the IDB
The Inter-American Development Bank is devoted to improving lives. Established in 1959, the IDB is a leading source of long-term financing for economic, social and institutional development in Latin America and the Caribbean. The IDB also conducts cutting-edge research and provides policy advice, technical assistance and training to public and private sector clients throughout the region.
About IDB Invest
IDB Invest, the private sector institution of the Inter-American Development Bank (IDB) Group, is a multilateral development bank committed to supporting Latin America and the Caribbean businesses. It finances sustainable enterprises and projects to achieve financial results that maximize economic, social and environmental development for the region. With a current portfolio of $11.2 billion under management and 330 clients in 23 countries, IDB Invest works across sectors to provide innovative financial solutions and advisory services that meet the evolving demands of its clients. As of November 2017, IDB Invest is the trade name of the Inter-American Investment Corporation. www.idbinvest.org
The New Development Bank (NDB) is a multilateral development bank established by Brazil, Russia, India, China and South Africa in 2014. The Bank is mandated to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries, complementing the efforts of multilateral and regional financial institutions for global growth and development.