India: New Development Bank and EIB Sign Memorandum of Understanding to Structure Future Cooperation
1 April 2017
European Investment Bank and New Development Bank signed Memorandum of Understanding to structure future cooperation between the two institutions. The MoU was signed by Mr. K.V. Kamath, the President of the NDB and Mr. Werner Hoyer, the President of EIB on the sidelines of the NDB Second Annual Meeting in New Delhi, India.
According to the MoU, the NDB and EIB intend to explore cooperation in the areas of infrastructure, environment, and sustainable development projects in accordance with their respective mandates and policies. The two banks will seek to co-finance projects of mutual interest in eligible countries, including projects that contribute to the enhancing of sustainable infrastructure as well as engage in other initiatives.
“I am pleased to sign this Memorandum of Understanding together with EIB President Mr. Werner Hoyer. We greatly appreciate the support offered by EIB during the formation stage of NDB and look forward to further advancing our cooperation,” said Mr. K.V. Kamath, President NDB. “The MoU structures our cooperation and lays the groundwork for working together for many years ahead. Collaboration between NDB and EIB will improve the ability of both banks to meet the expectations of their respective member states,” he added.
“Establishing partnerships with key national and global institutions is essential for NDB in order to provide the best possible products and services to our members. We will strive to make a positive difference by complementing the efforts of other multilateral development banks, including EIB,” said Mr. K.V.Kamath.
“Strengthened cooperation, enhanced knowledge sharing and stronger institutional and operational collaboration between leading international financial institutions is crucial to develop synergies and more effectively unlock new investment that improves people’s lives and transforms economic opportunities. The European Investment Bank and New Development Bank have worked closely during the formation stage of the NDB and we look forward to building on this track record to jointly back transformational infrastructure around the world. As the EU Bank, we share the New Development Bank’s commitment to support sustainable development and climate related investment. We look forward to enhancing this partnership in the years ahead,” highlighted Werner Hoyer, President of the European Investment Bank.
The President of the New Development Bank Mr. K.V.Kamath and the Vice-President of EIB Mr. Jonathan Taylor had a meeting today at the NDB Transitional Office in Shanghai, China and discussed issues of mutual interest, including potential areas of cooperation at operational and institutional levels. NDB Vice-Presidents Mr. Paulo Nogueira Batista Jr., Mr. Vladimir Kazbekov, Mr. Xian Zhu and Mr. Leslie Maasdorp also took part in the meeting.
How can National Development Banks (NDBs) and Multilateral Development Banks (MDBs) mobilise more private sector funding to reach the Sustainable Development Goals? According to EIB Vice-President Ambroise Fayolle, “We have to find more innovative ways of working together, and enhance trust among ourselves in the appraisal process.”
The EIB and the Asian Infrastructure Investment Bank today agreed to broaden cooperation to support investment in strategically important projects, seek to jointly finance projects and increase cooperation in countries where both institutions are active.