On June 9 and 10, 2026, the Board of Directors (Board) of the New Development Bank (NDB) convened its 51st Meeting at the Bank’s Headquarters in Shanghai, China.
Program for Upgrade of Infrastructure for Metropolitan Municipal Services
The Board approved a loan of up to USD 1 billion to the Republic of South Africa for the implementation of the Program for Upgrade of Infrastructure for Metropolitan Municipal Services. The Program aims to boost investments in the provision of essential urban services, including water supply and sanitation, electricity and solid waste management in eight South Africa’s metropolitan municipalities – Buffalo City, Cape Town, Ekurhuleni, eThekwini, Johannesburg, Mangaung, Nelson Mandela Bay and Tshwane. It is expected to enhance living conditions for residents and improve the business climate in the eight municipalities, contributing to socio-economic development, as envisaged in the National Development Plan 2030.
The Program supports achievement of the United Nations Sustainable Development Goals (SDGs), primarily SDG 11 (Sustainable Cities and Communities), while also contributing to SDG 6 (Clean Water and Sanitation) and SDG 7 (Affordable and Clean Energy).
Advanced Procurement from Non-member Countries for the Lucknow Metro Rail (Phase-1B) Project in India
The Board approved advanced procurement action from non-member countries for the Lucknow Metro Rail (Phase-1B) Project. The Project will expand the existing metro rail network in Lucknow, the state capital city of Uttar Pradesh, by constructing a new metro line of 11.2 km in length, including 12 metro stations, providing connectivity between the eastern and the western part of the city.
The Board approved the revised Opex calculation formula and ZARONIA-based pricing, both that apply to sovereign and non-sovereign loans.
The Board was updated on the Bank’s project pipeline for 2026.
The Board discussed the progress on membership expansion and welcomed Uzbekistan as a new member country of the Bank.
The Board provided its guidance in relation to the formulation of the General Strategy of the New Development Bank for the next five-year period (2027-2031).
The Board discussed the Evaluation Report of the Delhi-Ghaziabad-Meerut Regional Rapid Transit System Project in India and the Evaluation Report of the Country Portfolio Evaluation for China.
The Board approved the Condensed Financial Statements of NDB for the three months ended March 31, 2026, and the Condensed Financial Statements of the Project Preparation Fund for the three months ended March 31, 2026.
The Board also approved the revised Liquidity Risk Management Policy, Exchange Rate Risk Management Policy and Interest Rate Risk Management Policy.
Committee Meetings
The 39th Meeting of the Audit, Risk and Compliance Committee (ARC) and the 35th Meeting of the Budget, Human Resources and Compensation Committee (BHRC) of the Board were held in the Bank’s Headquarters on June 8, 2026, and June 9, 2026, respectively. The 39th ARC Meeting took note of Risk Management Report for Q1 2026 and the 35th BHRC Meeting took note of the Budget Utilisation Report for Q1 2026 and the Update on Human Resources.
Background Information
The New Development Bank (NDB) is a multilateral development bank established by Brazil, Russia, India, China and South Africa (BRICS) with the purpose of mobilizing resources for infrastructure and sustainable development projects in emerging markets and developing countries (EMDCs). In 2021, NDB welcomed its first non-founding members and continues to expand, positioning itself as a platform for wider collaboration among EMDCs.