New Development Bank and Export-Import Bank of China Sign Memorandum of Understanding

On 28 May 2021, the New Development Bank (NDB) and the Export-Import Bank of China (China Eximbank) signed a Memorandum of Understanding, which provides a framework for strategic, technical and operational cooperation between the two institutions. The Memorandum was signed by Mr. Marcos Troyjo, NDB President and Mr. Wu Fulin, the President of China Eximbank, at the head office of China Eximbank in Beijing.

Under the Memorandum, NDB and China Eximbank are encouraged to explore cooperation opportunities through various means, including but not limited to joint participation in financing infrastructure and sustainable development projects. The cooperation between the two institutions will focus on green finance, renewable energy, trade-enabling infrastructure, social infrastructure, among other areas of mutual interest.

“We, at the New Development Bank, attach great importance and high expectations to the partnership with China Eximbank. Trade and infrastructure represent indispensable pillars for NDB’s member countries.” said Mr. Marcos Troyjo. “With the signing of this Memorandum, we seek to deepen and broaden our cooperation in order to advance our shared development agenda.”

“The signing of this Memorandum of Understanding laid the foundation for the two banks to carry out broader cooperation.” echoed Mr. Wu Fulin. “China Eximbank is willing to actively explore feasible cooperation modalities with NDB, promote multilateral and bilateral cooperation with NDB and the BRICS countries, and jointly provide financing support to projects of mutual interest.” Mr. Wu Fulin added.

Background information

NDB is a multilateral development bank, established by the Governments of the Federative Republic of Brazil, the Russian Federation, the Republic of India, the People’s Republic of China, and the Republic of South Africa 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.

China Eximbank is a state-funded and state-owned policy bank directly under the State Council of the People’s Republic of China. China Eximbank’s mission is to support China’s foreign trade, investment and international economic cooperation. It plays a crucial role in promoting China’s steady growth and structural adjustment, supporting foreign trade, implementing the “going global” strategy and promoting the sustainable and healthy development of China.