The New Development Bank (NDB) on Monday signed a memorandum of understanding on general cooperation with the Development Bank of Southern Africa (DBSA) in Shanghai, China. 

The objective of the Memorandum is to formalise a framework of cooperation between the NDB, the multilateral development bank established by Brazil, Russia, India, China and South Africa in 2014, and DBSA in a bid to promote initiatives that foster cooperation in areas of common interest in accordance with respective mandates and strategies. 

NDB president K.V. Kamath said the banks will work to explore opportunities for investing in and co-financing projects and further strengthening the impact and quality of our products and services. 

Patrick Dlamini, DBSA chief executive, said the bank looks forward to working with the NDB.

"This partnership is in line with our strategy of leveraging the strengths of multilateral development finance institutions from across the globe in pursuit of our development mandate in Africa," Dlamini said.