New Delhi: In a significant move aimed at strengthening infrastructure development in India, the National Bank for Financing Infrastructure and Development (NaBFID) announced on Thursday that it has signed a Memorandum of Understanding (MoU) with the New Development Bank (NDB). The collaboration seeks to create a deep, sustainable infrastructure financing market and foster a robust ecosystem to support long-term development.
The New Development Bank, established by the BRICS nations — Brazil, Russia, India, China, and South Africa — is a multilateral financial institution with a focus on mobilising resources for infrastructure and sustainable development projects in emerging markets and developing countries (EMDCs).
According to a joint statement, the partnership aims to bridge the infrastructure financing gap and will explore long-term collaboration opportunities, including the exchange of technical expertise. The two institutions plan to jointly work on clean energy and sustainable transportation projects, such as renewable energy development, efficient water and sewage systems, and other environment-focused initiatives.
The MoU also sets the stage for thematic-level collaborations within the mandates of both organisations. Beyond financing, the partnership includes plans for joint research, capacity-building programs, seminars, and workshops to promote knowledge sharing and enhance institutional competencies.
Commenting on the agreement, NaBFID Managing Director Rajkiran Rai G said, “This MoU will help NaBFID accelerate infrastructure financing in clean energy and social impact projects, creating long-term value for all stakeholders.”
Echoing this sentiment, Vladimir Kazbekov, Vice President and Chief Operating Officer of NDB, said, “We are delighted to partner with NaBFID to drive India’s infrastructure and social sector development. This MoU reflects our shared vision of fostering economic growth while promoting sustainable and inclusive development.”
This strategic alliance marks a key step in aligning India’s infrastructure ambitions with global sustainable development goals, while also enhancing the country’s position in the emerging market infrastructure finance space.
