Relations With Other Institutions

Bank's logo and BRICS flags


Approachedit

The Articles of Agreement of the bank say that the NDB was established to complement the existing efforts of multilateral and regional financial institutions for global growth and development. Moreover, the NDB is authorized by its founders to cooperate within its mandate with other international organizations, as well as national entities (public or private), in particular with international financial institutions and national development banks.

The NDB President K.V.Kamath stresses that the bank regards other international financial institutions, including IMF and World Bank as partners, not rivals.

Asian Development Bankedit

In July 2016, the NDB signed with Asian Development Bank (ADB) a memorandum of understanding on strategic cooperation. The two institutions expressed willingness to work together through co-financing and knowledge exchanges in areas including sustainable development projects in renewable energy, energy efficiency, clean transportation, sustainable water management, and sewage treatment.

Asian Infrastructure Investment Bankedit

Although some analysts hypothesize that Asian Infrastructure Investment Bank (AIIB) and the NDB would compete with one another, currently there is no evidence of competition among these institutions.

Talking about the relations with AIIB, officials from the NDB's member-states point out the difference in the member-states of the NDB and AIIB as well as a potential to complement in working together to meet development and infrastructural needs.

According to a representative of the Bank's management, the NDB and AIIB are sister institutions in many respects. These two banks have complementary mandates and different geographic focuses, with the NDB being more focused on BRICS countries. At the same time, there is a certain overlapping between mandates of the NDB and the AIIB, as both of them are aimed at developing infrastructure and pay a special attention to sustainable development. However, due to the fact that current financing and investment patterns are inadequate in meeting investment needs, there is "space for newcomers", he said.

In February 2016, the president of the NDB dismissed concerns over overlapping of interests of China-backed Asian Infrastructure Investment Bank (AIIB) and the NDB.

World Bankedit

According to media reports, other multilateral development institutions, including the World Bank Group (WBG), have expressed an intention to work together with the NDB.

In September 2016, NDB and World Bank Group signed a memorandum of understanding on cooperation and it was announced that the NDB and WBG's cooperative efforts will focus primarily on infrastructure.

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