New Development Bank and Agricultural Bank of China Sign Memorandum on Strategic Cooperation

On 2 September 2017, the New Development Bank (NDB) and Agricultural Bank of China (ABC) and signed a Memorandum of Understanding on Strategic Cooperation. The Memorandum was signed by Mr. K. V. Kamath, the President of the NDB and Mr. Zhou Mubing, the Chairman of ABC.

According to the Memorandum, both sides will harness their respective resource advantages and professional expertise, aiming to build a mutually beneficial strategic cooperation.

The Memorandum provides a framework for cooperation between the NDB and ABC in a number of areas, including but not limited to:

– Bond issuance in onshore and offshore markets;

– Co-financing of infrastructure and sustainable development projects;

– Treasury management and liquidity products;

– Capacity building and knowledge sharing.

In line with its mandate, the NDB is engaging in partnerships with national development banks and leading commercial banks from member countries as well as other international development organizations to complement the efforts to support infrastructure and sustainable development projects.