New Development Bank and Caixa Econômica Federal sign Memorandum of Understanding at COP27

The New Development Bank (NDB) and Caixa Econômica Federal (CAIXA) launched a Memorandum of Understanding (MoU) on November 16, 2022, in the context of the 27th Conference of the Parties of the United Nations Framework Convention on Climate Change (COP27). The MoU, which was signed by NDB President, Mr. Marcos Troyjo, and CAIXA President, Ms. Daniella Marques, establishes a framework for cooperation between the two organizations and promotes joint initiatives in areas of mutual interest, including financing for infrastructure and sustainable development projects in Brazil.

Mr. Marcos Troyjo noted that “it is an honor for NDB to establish this partnership with CAIXA, one of Brazil’s longest-standing institutions. The collaboration between NDB and CAIXA is centered on a shared vision for the sustainable growth and development of Brazil. Bringing our institutions closer together, this partnership agreement will help us to tap into each other’s expertise and resources, strengthening our collective capacity to support Brazil in the implementation of its sustainable development goals and commitments under the Paris Agreement.” He added that, “NDB looks forward to embarking on the exciting road of collaboration ahead.”

Ms. Daniella Marques, speaking from the COP27 Conference Center in Sharm El Sheikh, Egypt, highlighted that “the partnership between CAIXA and NDB will open the doors for collaboration across a range of initiatives. In addition to joint financing, we will pursue collaboration through knowledge sharing and exchange of expertise, including through organization of joint events, training and research.”

According to the MoU, NDB and CAIXA will develop sector and thematic level collaboration in areas including renewable energy and energy efficiency, environmental protection, sustainable agriculture, water and sanitation, and social infrastructure, among others. The MoU highlights that NDB and CAIXA are mutually interested in promoting inclusive growth and sustainable development in Brazil and acknowledges the benefits of cooperation between the two organizations in line with their respective mandates.

Background information

NDB was established by the BRICS countries to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging market economies and developing countries, complementing the existing efforts of multilateral and regional financial institutions for global growth and development. In 2021, NDB initiated membership expansion and admitted Bangladesh, Egypt, United Arab Emirates and Uruguay as its new member countries.

CAIXA is a financial institution in the form of a public company, endowed with a legal personality governed by private law, with its own assets and administrative autonomy, linked to the Ministry of Economy, headquartered in Brasília, Federal District, Brazil. CAIXA, as a partner of the Brazilian State, has been providing social and environmental solutions to the Brazilian population, being one of the main instruments of social policies and investment in the country, supporting programs, projects, works and services that seek to promote the socioeconomic development of Brazil.