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ICICI Bank signs MoU with BRICS Grouping-promoted New Development Bank

Situated in : Mumbai
Headquarters : Shanghai
Private sector : Lender ICICI Bank BSE at 1.54 %
Established: New Development Bank (NDB)

The first financial institution in the country to tie up with the BRICS Grouping.NDB

Purpose:

  • partnership in bond issuances
  • co­financing
  • treasury management
  • human resources

NDB’s first president : ICICI Bank experienced person KV Kamath

Agreement: To create a platform for sharing knowledge and deepening network connectivity between NDB and ICICI Bank after signing the MoU along with ICICI Bank chief Chanda Kochhar.

Inclusions:

  • Partnering with local development banks in member­ countries.
  • This MoU will help it leverage the deep market access and insight of ICICI Bank in the country’s financial markets.

Benefits:

  • Unifying among the two organisations.
  • The MoU will utilize this to benefit both the partners in the long run.
  • The agreement will help NDB in exploring rupee­ denominated bonds in the domestic international markets.
  • To make both the lenders collaborate to fund development projects in the country .

Mutual Cooperation:

  • The NDB began operations with an initial capital of USD 100 billion last year as a multilateral development bank.
  • Promoted by Brazil, Russia, India, China and South Africa.

Announcements:

The First set of loans involving financial assistance of USD 811 million.

Purpose:

To support building of 2,370 mw of power capacity within the member ­countries. Out of his USD 250 million has come to state ­ run Canara Bank for on­ lending to renewable energy projects.