NaBFID inks MoU with New Development Bank to boost financing infra projects

The National Bank for Financing Infrastructure and Development (NaBFID) on Thursday said it has signed a Memorandum of Understanding (MoU) with the New Development Bank (NDB) creating a deep and sustainable infrastructure financing market and developing a supportive ecosystem around it.

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, a joint statement said.

NaBFID aims to work with NDB on clean energy and transportation projects, such as renewable energy initiatives, sustainable water and sewage management, among others, it said.

The MoU also lays the foundation for both organisations to participate in infrastructure projects through thematic-level collaborations within their respective mandates, it said.

Additionally, it said, NaBFID and NDB will partner in research and capacity-building initiatives, including seminars and workshops, to promote knowledge sharing and enhance institutional capabilities.

Speaking about the partnership, NaBFID Managing Director Rajkiran Rai G said this MoU will help NaBFID accelerate infrastructure financing in clean energy and social impact projects, creating long-term value for all stakeholders.

"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," Vladimir Kazbekov, Vice President and Chief Operating Officer of NDB, said.