World Bank and New Development Bank sign MOU to boost partnership
INFRASTRUCTURE projects around the world have received a financial boost following the signing of a memorandum of understanding between the World Bank Group and Brics’s New Development Bank.The memorandum, aimed at strengthening co-operation in addressing global infrastructure needs, was signed on Friday by World Bank Group president Jim Yong Kim and New Development Bank (NDB) president KV Kamath, and paves the way for the two institutions to explore country-level co-operation."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.Infrastructure such as electricity and sanitation services are expected to benefit most from the co-operation between the two banks.About 1.2-billion people around the world lack access to electricity while 2.4-billion others d...
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