Background

New Development Bank and International Bank for Economic Co-operation establish framework for cooperation

On June 28, 2021, the New Development Bank (NDB) and the International Bank for Economic Co-operation (IBEC) signed a Memorandum of Understanding to establish a framework for strategic, technical and operational cooperation in areas of mutual interest and promote the development of long-term relations between the two institutions. The Memorandum was signed by Mr. Marcos Troyjo, NDB President, Mr. Denis Ivanov, Chairman of the IBEC Board, and Ms. Thinh Thi Hong, Member of the IBEC Board.

The Memorandum formalized the partnership between NDB and IBEC, with a view to jointly participate in financial assistance for infrastructure and sustainable development projects; explore and pursue cooperation in capital markets; establish correspondent relations to support business activities; perform analysis or research on macroeconomics, industries and other topics of mutual interest; promote information exchange and knowledge sharing as well as provide mutual training and development of staff.

“The Memorandum of Understanding between NDB and IBEC provides good opportunity to leverage our collaboration, especially when it comes to join our strengths in potential infrastructure and sustainable development projects,” – said Mr. Marcos Troyjo, NDB President.

The Chairman of the IBEC Board Denis Ivanov, in response, noted: “The signed agreement consolidates the existing constructive relationships between our banks. The Memorandum will give the new dynamics, make our collaboration more substantive and effective, and expand the cooperation opportunities for NDB and IBEC. We especially appreciate that NDB, which represents the largest developing economies, shares the values ​​of sustainable development and socio-economic stability, which lie at the core of the new IBEC development strategy. We are confident that our cooperation will be fruitful and will benefit all the member countries of our banks.”

Background information

The NDB was established by Brazil, Russia, India, China and South Africa to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries, complementing the existing efforts of multilateral and regional financial institutions for global growth and development. According to the NDB’s General Strategy, sustainable infrastructure development is at the core of the Bank’s operational strategy for 2017-2021.

International Bank for Economic Co-operation (IBEC) is a multilateral financial development institution established in 1963 and operating under an intergovernmental Agreement registered with the UN Secretariat under № 7388 on 20.08.1964. According to the new development strategy 2021-2025, IBEC aims at supporting economic prosperity of member countries through interconnection of intra- and inter-regional trade operations and facilitation of financing projects that promote UN Sustainable Development Goals.

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