On April 7, 2025, the Independent Evaluation Office (IEO) of the New Development Bank (NDB) signed a statement of intent with the Development Monitoring and Evaluation Office (DMEO) of NITI Aayog – the premier public policy institution of the Government of India – to enhance cooperation in the field of independent evaluation and capacity-building.
This collaboration marks a significant milestone in strengthening India’s monitoring and evaluation (M&E) ecosystem by fostering knowledge-sharing, technical expertise and institutional capacity development. At a time when evidence-based policymaking is gaining greater prominence, this initiative will help ensure that public and private sector investments deliver measurable and long-term impact.
The statement was signed by Mr. Ashwani K. Muthoo, Director General of IEO and Dr. Radha Ashrit, Deputy Director General of DMEO, NITI Aayog; Ms. S. Divyadharshini Director, Department of Economic Affairs, Ministry of Finance, India, took part in the signing ceremony and delivered remarks during the event. This is the first such statement of intent signed by DMEO with any multilateral development bank or international financial institution, and the first with an organisation based outside of India, since its establishment in 2015, further illustrating the commitment of the Government of India and IEO in strengthening the impact of NDB by promoting accountability and learning.
The statement of intent establishes a framework for strategic and technical collaboration between DMEO and IEO, supporting evidence-based policymaking and improving development effectiveness. The partnership will focus on knowledge exchange, evaluation capacity-building, and awareness initiatives to reinforce India’s evaluation landscape.
NDB has financed 26 projects worth USD 8.6 billion in India since 2016, spanning critical sectors such as transport infrastructure (with 55% of its projects focused on this sector), water and sanitation (16%), renewable energy (3%), and COVID-19 emergency assistance (23%). These projects are spread across 13 states and union territories, with four initiatives having a nationwide scope.
