World Bank and BRICS bank sign a memorandum of understanding
World Bank Group President Jim Yong Kim and New Development Bank (NDB) President Kundapur Vaman Kamath have signed a memorandum of understanding, the two financial institutions announced in a joint statement.
The memorandum formalises the World Bank Group-NDB partnership, which will focus primarily on infrastructure, the document says.
The business plans and the value of the potential joint projects are not disclosed. Even so, it is noted in the press release that the World Bank Group has already invested USD 25 bn in infrastructure.