Asian Development Bank (ADB) and New Development Bank (NDB) signed a memorandum of understanding (MOU) on cooperation on Monday. 
The purpose of the MOU is to develop and facilitate collaboration between ADB and NDB and to set out areas for strategic cooperation toward the achievement of their common objectives, ADB press release said. 
The signing ceremony took place during NDB President K. V. Kamath's visit to ADB headquarters to meet with ADB's Management and board of directors. 
Through co-financing and joint knowledge work, the two institutions will work together in areas including sustainable development projects in renewable energy, energy efficiency, clean transportation, sustainable water management, and sewage treatment. 
NDB, located in Shanghai, is a multilateral development bank established by the governments Brazil, Russia, India, China, and South Africa (BRICS) with a purpose of mobilizing resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries.