(Xinhua) — Development Bank of Singapore (DBS) on Wednesday partnered with Sri Lanka’s National Development Bank (NDB) to strengthen investment banking operations, NDB said in a statement issued here on Thursday.

NDB group signed a Memorandum of Understanding (MoU) with DBS Bank Singapore to work on equity and fixed income issuance, syndication, project financing and mergers and acquisitions.

DBS Bank is the largest bank in Singapore with over 200 branches across 15 markets.

“Irrespective of form, future fund raising requirements may not be able to be handled within Sri Lanka, CEO NDB Bank Russel De Mel stated.

“Therefore, our clients will have to resort to international markets, regional markets to fill the gap. This is why this type of partnership is important to the country.”

Sri Lanka needs capital for infrastructure development, setting up of large scale projects and for expansions. NDB expects the MOU to expand its distribution capabilities while meeting the capital requirements of clients.

NDB hopes that the MoU will open up new avenues for Sri Lankans to access technology and global markets through partnerships, mergers and acquisitions.

DBS Bank is active in these spheres and in economic “hotspots” in Asia.