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.
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.
