The National Bank for Financing Infrastructure and Development (NaBFID) has signed an 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 New Development Bank (NDB) is a multilateral development bank established by Brazil, Russia, India, China, and South Africa (BRICS) to mobilise 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 exchanging technical expertise.
NaBFID aims to work with NDB on clean energy and transportation projects, such as renewable energy initiatives and sustainable water and sewage management. 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 of NDB, added, “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."
