New Development Bank and Industrial and Commercial Bank of China Sign Memorandum on Strategic Cooperation

On 2 September 2017, the New Development Bank (NDB) and Industrial and Commercial Bank of China (ICBC) signed a Memorandum of Understanding on Strategic Cooperation. The Memorandum was signed by Mr. K. V. Kamath, the President of the NDB and Mr. Yi Huiman, the Chairman of ICBC.

The purpose of the Memorandum is to formalize the commitment for long-term strategic partnership between the two institutions and to encourage future cooperation. The areas of cooperation between the NDB and ICBC include but are not limited to:

– Inter-bank cooperation on derivatives, foreign exchange, and interest rate transactions, etc.;

– Project recommendation and co-financing;

– Bond underwriting and investment;

– Internet finance and information bank building.

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.