In July 2015, the governments of Brazil, the Russian Federation, India, the People’s Republic of China, and South Africa established the New Development Bank (NDB). The NDB’s main objectives are fostering the development of member countries, supporting economic growth, promoting competitiveness and facilitating job creation, and building a knowledge-sharing platform among developing countries. Its key areas of operation include but are not limited to clean energy; transport infrastructure; irrigation, water resource management, and sanitation; sustainable urban development; and economic cooperation and integration among member countries.
In 2022, the NDB supported the expansion of the existing metro rail network in Chennai, the capital city of Tamil Nadu, a state on the southeast coast of India, through a $347 million loan cofinancing.
ADB and the NDB signed a new memorandum of understanding in June 2022 to develop and facilitate collaboration in matters of common interest and to set out areas for strategic cooperation toward achieving their common objectives.
News
ADB, India Sign $926 Million Loan for Two New Mumbai Metro Lines
ADB and the Government of India signed a loan to operationalize two lines for the Mumbai Metro Rail System that will help provide a cleaner, less congested city. The project marks ADB’s first cofinancing with the New Development Bank.
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Improving Urban Mobility in Congested Mumbai
Mumbai will soon have a modern public transport system that will help decongest the city. The ADB project, cofinanced by the New Development Bank, will provide some 7.5 million daily suburban commuters with a modern, safer, and more comfortable transportation.
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