On September 16 and 17, 2026, the Board of Directors (Board) of the New Development Bank (NDB) held its 52nd Meeting at the Bank’s Headquarters in Shanghai.
Olifants Management Model Program (Stage I)
The Board approved a loan of up to USD 200 million to the Republic of South Africa for the Olifants Management Model Program (Stage I).
The Project aims to develop bulk raw and potable water infrastructure for enhancing water supply in the Mogalakwena Local Municipality (MLM) of the Limpopo Province of South Africa, in line with the objectives of the National Water and Sanitation Master Plan. The Project will address the growing water scarcity in the Limpopo Province through the construction of a bulk water supply scheme that abstracts water from the Flag Boshielo Dam on the Olifants River to feed into new water treatment facilities for supplying potable water to residents of MLM and into a raw water network for industrial users.
The Olifants Management Model Program (Stage I) contributes to the achievement of Sustainable Development Goal (SDG) 6 Ensure availability and sustainable management of water and sanitation for all, specifically Target 6.1 (Universal and equitable access to safe and affordable drinking water for all) and Target 6.4 (Substantially increasing water-use efficiency across all sectors).
Hyderabad Elevated Corridor Project
The Board approved a loan of up to USD 395 million to the Republic of India for the Hyderabad Elevated Corridor Project.
The Project will improve urban mobility and liveability in Hyderabad, the capital of the state of Telangana and a major economic and technology hub undergoing rapid urbanisation and motorization, by easing congestion and improving connectivity on the city’s two critical arterial corridors. The Project aims to decongest key transport corridors traversing Hyderabad (National Highway-44 and State Highway-01) by implementing two elevated expressways on top of the existing roads.
The Hyderabad Elevated Corridor Project is primarily aligned with SDG 11 Make cities inclusive, safe, resilient and sustainable, specifically Target 11.2 (Access to safe, affordable, accessible and sustainable transport systems); SDG 9, Target 9.1 (Developing quality, reliable, sustainable and resilient infrastructure); and SDG 3, Target 3.6 (By 2020, halve the number of global deaths and injuries from road traffic accidents).
The Board approved the Mid-Year Forecast for CY2026, the Condensed Financial Statements of the New Development Bank for the six months ended June 30, 2026 and the Note on Capital Plan based on Financial Model Exercise.
The Board also approved the Grievance Redress Mechanism.
An update on the Bank’s robust project pipeline was provided to the Board.
The Board was briefed on the progress of membership expansion.
The Board was briefed on matters pertaining to independent evaluation, including the Corporate Level Evaluation of NDB’s Project Cycle (Sovereign Operations), the Thematic Evaluation of NDB-Financed Projects in the Energy Sector in South Africa, and the Evaluation Synthesis Report on the Use of Country Systems by NDB.
Committee Meetings
The 40th Meeting of the Audit, Risk and Compliance Committee (ARC) and the 36th Meeting of the Budget, Human Resources and Compensation Committee (BHRC) of the Board were held in the Bank’s Headquarters on September 16, 2026, and September 15, 2026, respectively.
About the New Development Bank
The New Development Bank is a multilateral development bank established in 2015 by Brazil, Russia, India, China and South Africa, with the purpose of mobilising resources for infrastructure and sustainable development projects in emerging markets and developing countries (EMDCs), complementing the existing efforts of multilateral and regional financial institutions for global growth and development. NDB welcomed its first non-founding members in 2021 and has since then continued to expand its membership, positioning itself as a platform for wider collaboration among EMDCs. The Bank’s membership base currently stands at ten countries.