Beijing, 23 September 2026: The New Development Bank’s (NDB) USD 8.86 billion portfolio of projects in China has delivered strong results, with 71.6% of committed financing disbursed by the end of 2024, according to an independent evaluation released today.
The Country Portfolio Evaluation (CPE), undertaken by NDB’s Independent Evaluation Office (IEO), covers 27 projects approved between July 2015 and December 2024. NDB-financed projects in China have supported transport infrastructure, clean energy, water and sanitation, environmental protection and COVID-19 emergency response.
The portfolio was rated Successful across all five evaluation criteria: relevance, effectiveness, efficiency, impact and sustainability. Moreover, all 27 evaluated projects align closely with China’s national strategies, dual carbon targets and core United Nations Sustainable Development Goals (SDGs).
The evaluation finds that the portfolio has been implemented particularly efficiently. The average time from Board approval to loan signing was 143 days, and 217 days to loan effectiveness. The portfolio’s performance is illustrated by the Putian Pinghai Bay Offshore Wind Project in Fujian, which generates 1.043 billion kWh of electricity annually — 19% above its target — while avoiding an estimated 1.02 million tonnes of CO₂ emissions each year.
The evaluation also finds that the results have been supported by strong borrower performance. Efficient project management and technological innovation are identified as particular strengths across the portfolio. Examples include coordinated action that resolved power-cable relocation delays for the Huangshi Tram Project and a multi-level safety coordination structure that kept the Shengzhou Water Project on schedule despite COVID-19 disruptions.
The CPE also underlines NDB’s growing role in local-currency financing. By the end of 2024, 68.8% of NDB’s financing in China was denominated in RMB, the highest share among NDB member countries and peer multilateral development banks. NDB had issued RMB 55.5 billion in panda bonds by the end of 2024, making it a leading source of local-currency financing in China.
The evaluation identifies areas where NDB has opportunities to further strengthen its impact in China. For instance, some early projects were affected by overly optimistic demand forecasts and underdeveloped design and monitoring frameworks. Moreover, the Bank’s financial instrument suite remains insufficiently diversified beyond conventional loans, and more attention is needed in non-lending activities, such as sharing of knowledge and good practices, provision of technical assistance, and partnerships and co-financing with other multilateral organizations. Lastly, the CPE recommends for the Bank and the Government to jointly develop and introduce a country strategy for China to guide future NDB financing and activities.
The findings were presented at a national knowledge sharing seminar on the China CPE, organised by IEO in Beijing on 23 September 2026. More than 300 participants are expected to attend, including senior Chinese government officials, NDB staff and Board members, representatives from BRICS and NDB member countries, representatives from the private sector, academia and international development partners, and others.