The African Development Bank and the New Development Bank have signed an agreement to promote new impact projects to improve the lives of millions of Africans.

Under the deal, the New Development Bank ?a multilateral development bank established by BRICS countries of Brazil, Russia, India, China and South Africa – will work with the African Development Bank to jointly identify, prepare and co-finance projects in countries of mutual interest.

The two institutions signed a Memorandum of Understanding agreement on 18 October, on the sidelines of the World Bank annual meetings, formalizing the partnership and general cooperation between them.

“Through this cooperation, we will realize our shared objectives of promoting economic and social development, and deliver sustainable development and infrastructure projects at a scale that changes the lives of millions,” African Development Bank President Akinwumi Adesina said, following the signing.

Projects to be targeted cut across clean energy, transport infrastructure, irrigation, water resource management and sanitation, sustainable urban development, and economic cooperation and integration.

“This MoU creates a platform for sharing knowledge and deepening synergies between the African Development and NDB. The two banks will consider each other as ‘preferred’ partners and will harness their respective resource advantages and professional expertise, to build a long-term, stable and mutually beneficial relationship,” Kundapur Vaman Kamath, President of the New Development Bank, said.

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 existing efforts of multilateral and regional financial institutions for global growth and development.

African Development Bank:

The African Development Bank is a multilateral development bank established to contribute to the sustainable economic development and social progress of its regional members individually and jointly, thus contributing to poverty reduction. AfDB is committed to scaling up investment and implementation of its Ten Year Strategy 2013–2022 by zeroing in on five priority operational areas: Light up and Power Africa, Feed Africa, Industrialize Africa, Integrate Africa and Improve the Quality of Life for the People of Africa.