The New Development Bank (NDB) is considering a partnership with the Asian Infrastructure Investment Bank (AIIB) to fund infrastructure projects along the Belt and Road countries as more members are expected to join, according to NDB's vice president.
"There will be unlimited opportunities to co-finance projects with the AIIB in the future along the Belt and Road, because we share so much in common while selecting projects," Leslie Maasdorp said during the Boao Forum for Asia.
The NDB was launched in Shanghai in 2015, a year ahead of the AIIB. It was founded by founded by the BRICS member countries, which include Brazil, Russia, India, China and South Africa.
"We are both interested in investing in projects that are sustainable, commercially viable and have long-term economic benefits," Maasdorp told China Daily. "Countries along the Belt and Road have huge demand for such projects, and we can work together to fill the infrastructural gap."
According to Maasdorp, the NDB will be financing future projects that can impact on neighboring countries such as the offshore wind project that the bank had recently approved.
Located in Xiamen, Fujian Province, the wind farm can produce a total capacity of 700 megawatts, one of the largest projects of its kind in China, the NDB said in December.
Maasdorp said that the two banks are different from each other. The NDB is centered on meeting the needs of the BRICS founding members, while the AIIB is universal in its policy.
The official, however, said that the NDB policy may changes as they are expecting new members in the future. He added that the NDB, like the AIIB, is open to all members in the United Nations. He also said that economies along the Belt and Road are welcome to apply as members.
Based on its founding documents, at least 80 percent of NDB members must come from developing countries while 20 percent are from developed countries.