World Bank and BRICS bank doing cooperation in infrastructure development

Saturday, 10 September, 2016 - 10:15

World Bank Group and the New Development Bank (NDB) set up by the BRICS nations on Friday signed a memorandum of understanding to strengthen their cooperation in addressing global infrastructure needs.

The memorandum, signed by World Bank Group President Jim Yong Kim and NDB President K.V. Kamath, formalized the World Bank Group-NDB knowledge partnership, paving the way for the two institutions to explore country-level cooperation that would primarily focus on infrastructure, the World Bank said in a statement.

"Signing this agreement enables our institutions to strengthen our collaboration. When the world's multilateral banks work closely together, and support development that promotes inclusive growth in low- and middle-income countries, the poor and the vulnerable benefit the most," Kim said.

Under the agreement, the World Bank and the NDB will explore and pursue opportunities for the co-financing of projects, facilitate knowledge exchange regarding their operations in accordance with their respective policies and procedures, explore opportunities for advisory services and facilitate secondments and staff exchanges.

It is bad news for multipolar camp, cause neoliberals from World Bank Group will effect on new established NDB in different ways. Also it will bring more critics from African, Asian and Latin Amercian countries on BRICS goals.