The National Bank for Financing Infrastructure and Development (NaBFID) has recently signed a Memorandum of Understanding (MoU) with the New Development Bank (NDB) to boost infrastructure development and sustainable financing in India.
The partnership is poised to strengthen the ecosystem for infrastructure finance, particularly in sectors such as clean energy and sustainable urban services.
NaBFID and NDB will jointly work on financing projects focused on renewable energy, sustainable transportation, water management, and social infrastructure. Additionally, the two institutions plan to partner on thematic collaborations within their mandates to co-finance or support key infrastructure initiatives in India.
“This collaboration with NDB marks a significant step in our commitment to nation-building and sustainable development. The MoU will help NaBFID accelerate financing for clean energy and social impact projects, creating long-term value for all stakeholders,” said Rajkiran Rai G., Managing Director, NaBFID.
Besides funding, the MoU also lays the groundwork for research and capacity-building programmes. NaBFID and NDB will jointly conduct seminars, workshops, and technical exchange programmes to facilitate knowledge sharing and enhance institutional capabilities in project evaluation, implementation, and policy frameworks.
Vladimir Kazbekov, Vice President and Chief Operating Officer, NDB, expressed optimism about the tie-up, stating, “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.”
The New Development Bank, founded by the BRICS nations which includes Brazil, Russia, India, China, and South Africa was established to mobilise resources for infrastructure and sustainable development projects across emerging economies.
The agreement with NaBFID signals NDB’s intent to expand its engagement in India, in collaboration with a domestic development finance institution dedicated to building robust infrastructure systems.
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