Shangai, China - The New Development Bank (NDB) and the Development Bank of Southern Africa (DBSA) have signed a Memorandum of Understanding on General Cooperation. Mr. K. V. Kamath, the NDB President and Mr. Patrick Dlamini, Chief Executive Officer of the DBSA signed the Memorandum in Shanghai on May 28, 2018.
The objective of the Memorandum is to formalize a framework of cooperation between the NDB and DBSA and to promote initiatives that foster cooperation in areas of common interest in accordance with respective mandates and strategies.
The Memorandum outlines the main areas and forms of cooperation between the NDB and DBSA, including but not limited to:
- Operational Cooperation
- Treasury Management Cooperation
- Exchange of Experience and Knowledge Sharing
“I am pleased to sign the Memorandum of Understanding between the NDB and DBSA. Together, we will work to explore opportunities for investing in and co-financing projects and further strengthening the impact and quality of our products and services,” said Mr. K. V. Kamath. “We believe that partnerships with key national and global institutions are important for us,” added Mr. K. V. Kamath.
“The DBSA looks forward to working with the NDB. This partnership is in line with our strategy of leveraging the strengths of multilateral development finance institutions from across the globe in pursuit of our development mandate in Africa,” said Mr. Patrick Dlamini.
About New Development Bank
The New Development Bank is a multilateral development bank established by Brazil, Russia, India, China and South Africa in 2014. The Bank is mandated to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries, complementing the efforts of multilateral and regional financial institutions for global growth and development.
About Development Bank of Southern Africa
The Development Bank of Southern Africa (DBSA) is a South African state-owned enterprise and a leading development finance institution working across the African continent. Established in 1983, its primary purpose is to promote economic and social development as well as regional integration through infrastructure investment and development.
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