Corporate-Level Evaluations
An efficient and well-functioning project cycle is a critical determinant of NDB’s development impact and lies at the core of NDB operations. The “project cycle” means all the stages in the life of a project – from conception of the idea, to Board approval, through to implementation and closure.
The Corporate-Level Evaluations (CLE) will seek to assess, amongst other things, whether the current project cycle enables enhanced development results and impact from NDB operations; and the evaluation team will then formulate recommendations to improve the cycle.
The final report is expected to be presented to the Board in Q1 2025.
The Approach Paper specifying the evaluation objectives, methodology, process, timelines, and key questions is available at the below link.
For any further information, contact Mr. Henrique Pissaia, Principal Professional Specialist at pissaia.henrique@ndb.int.
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Thematic Evaluation
NDB’s Climate Financing in China
China’s dual carbon goals were unveiled in September 2020, with phased targets extending to 2060. A core 2025 target is an 18% reduction in carbon dioxide emissions per unit of GDP against the 2020 baseline. NDB has delivered climate finance to China since 2016. Its 2022–2026 General Strategy pledges that 40% of total approved financing worldwide will go to climate mitigation and adaptation.
In 2026, the IEO will conduct a thematic evaluation of NDB’s climate financing operations in China over the 2016–2025 period. The assessment will analyse performance and impact across climate mitigation and adaptation, and assess the alignment between NDB projects and China’s dual carbon agenda, green finance initiatives and industrial green transition policies. It will distill replicable technologies and operational practices, provide inputs for future strategic planning, and help the Bank address China’s evolving climate transition needs.
The Approach Paper outlining evaluation objectives, methodology, process, timelines and key questions will be released shortly.
Should you require additional details, please contact Mr. Chao SUN, Principal Professional, via email: sun.chao@ndb.int.
NDB’s Transport Infrastructure Investments
In 2026/2027, IEO will undertake a global thematic evaluation of transport infrastructure projects financed by the NDB since 2015 in all member countries. This represents close to USD 13 billion in funding for more than 40 projects. The evaluation will be completed in mid-2027, and aims to assess the results of Bank funding in the sector and generate lessons and recommendations for the way forward.
The Approach Paper outlining the evaluation objectives, methodology, key questions, process and timelines will soon be available.
For any further information, contact Mr. Henrique Pissaia, Principal Professional, IEO at pissaia.henrique@ndb.int
Country Portfolio Evaluation
China is one of the founding members of NDB, and from July 2015 until the end of 2024 NDB approved 27 projects in the country to a value of USD 8.86 billion, representing 24% of its cumulative funding.
In 2025, IEO will conduct its first country portfolio evaluation (CPE) for China. The primary aim of the CPE is to assess the overarching partnership between NDB and China in fostering economic and social development and to provide actionable insights and recommendations to strengthen future collaboration. The evaluation will analyse all of NDB’s operations in China from July 2015 to December 2024, focusing on two interdependent pillars: (1) NDB-funded projects; (2) non-lending activities (technical assistance, capacity-building, research, knowledge-sharing, and partnerships).
The evaluation Approach Paper linked to below provides an overview of the evaluation objectives, methodology, process, timelines, and key questions.
For any further information, please contact Mr. Chao SUN, Principal Professional, at sun.chao@ndb.int.
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South Africa is one of the New Development Bank (NDB)’s most strategically significant country partnerships, as a founding member and the site of its African Regional Centre. Since its first financing approval in 2016, NDB has supported operations spanning clean energy, transport, water and sanitation, urban infrastructure, and emergency social protection; representing a substantial and diverse portfolio of sovereign and non-sovereign investments.
The Independent Evaluation Office is undertaking a Country Portfolio Evaluation (CPE) of NDB operations in the Republic of South Africa, as approved by the NDB Board of Directors. The evaluation will cover the full portfolio from 2016 to date, with evaluative ratings and judgements applied to financially closed operations. The assessment is grounded in NDB Evaluation Policy and also draws on South Africa’s National Evaluation Policy Framework. The evaluation aims to generate evidence-based findings and strategic lessons to inform NDB’s future engagement in South Africa, and to contribute to organisational learning and accountability to its members.
The evaluation Approach Paper will be published soon, specifying the objectives, methodology, process, timelines and key questions.
For further information, please contact Mr. Manas Puri, Senior Professional, Independent Evaluation Office at puri.manas@ndb.int.
Project Performance Evaluations
The North Region Transportation Infrastructure Improvement Project was approved by the NDB Board of Directors in 2019 and completed in 2024. It aimed to improve freight transport efficiency, reduce logistics costs and foster private-sector participation across the country’s “Northern System” rail and port network. The total project cost was estimated at USD 361 million, with NDB financing USD 300 million through a senior corporate loan to Vale S.A., one of Brazil’s largest mining and logistics companies.
The project performance evaluation was approved by the NDB Board in September 2025. The main objectives of the evaluation are as follows. To: (i) assess the results of the project; (ii) identify and document lessons and good practices that may be replicated and scaled up by NDB, the Government of Brazil and other relevant partners; and (iii) develop recommendations to inform the design and implementation of ongoing and forthcoming NDB operations in Brazil and elsewhere.
As one of NDB’s first large-scale non-sovereign operations in the transport sector, the project provides an important case study for assessing the Bank’s engagement with private-sector partners in sustainable infrastructure development.
The Approach Paper specifying the evaluation objectives, methodology, process, timelines, and key questions is available at the below link.
For any further information, contact Mr. Henrique Pissaia, Principal Professional Specialist at pissaia.henrique@ndb.int
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The Rajasthan Water Sector Restructuring Project for the Desert Areas is NDB’s second sovereign-financed project in India, approved by the NDB Board of Directors in November 2017. The project addresses the critical deterioration of the Indira Gandhi Canal system, one of India’s largest irrigation networks, serving Rajasthan’s water-scarce desert region. Key outputs include the rehabilitation of over 990 km of canal infrastructure, reclamation of more than 33,000 hectares of waterlogged land, and improved water use efficiency across the command area. The total project cost at appraisal was USD 495 million, with NDB providing a multi-tranche financing facility of USD 345 million, subsequently revised to USD 279.7 million following a partial loan cancellation.
The Independent Evaluation Office (IEO) will conduct a performance evaluation of the project, approved by the NDB Board in April 2026, with findings relating to results achieved at its expected completion in July 2026.
The Approach Paper will be available shortly, covering evaluation objectives, methodology and key questions. The final evaluation report is expected to be published in December 2026.
For further information, please contact Ms. Nidhi Chaudhary, Evaluation Specialist, Independent Evaluation Office at chaudhary.nidhi@x.ndb.int
The Guangdong Yudean Yangjiang Shapa Offshore Wind Power Project (Project Number 18CN03) represents one of the NDB’s earliest sovereign-financed engagements in the People’s Republic of China towards its clean energy transition, and its first offshore wind investment in Guangdong Province. The objective of the project, which was approved by the NDB Board of Directors in November 2018, is to finance the construction of an offshore wind farm to develop 300 MW of offshore wind capacity in Yangjiang’s shallow water area and enhance the overall development of offshore wind power in Guangdong Province. The total estimated project cost is RMB 6.096 billion, with a sovereign-guaranteed loan of RMB 2 billion from NDB.
As approved by the NDB Board of Directors in December 2024, IEO is undertaking an independent project performance evaluation (PPE) of the project.
The Approach Paper specifying the evaluation objectives, methodology, process, timelines, and key questions is available at the below link. The final evaluation report is expected to be published in September 2025.For any further information, contact Ms. Xiaozhe Zhang, Senior Professional, Independent Evaluation Office at zhang.xiaozhe@ndb.int
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Evaluation Synthesis
The New Development Bank’s (NDB) commitment to the Use of Country Systems (UCS) serves as a cornerstone of its operational philosophy, reflecting a dedication to national sovereignty and development ownership. As articulated in the General Strategy 2022–2026, UCS remains a defining feature of the Bank’s approach to Environmental, Social, and Governance standards and procurement practices. To mark the Bank’s first decade of operations, the Independent Evaluation Office is preparing an Evaluation Synthesis Report (ESR) on the UCS by NDB since 2015.
Moving beyond traditional performance metrics, this ESR focuses on knowledge generation and institutional learning. It systematically mines evidence from approximately 15 independent evaluations completed since 2022, as well as broader multilateral development bank literature, to capture good practices and lessons learned. The synthesis aims to provide NDB Management, the Board of Directors, and in-country stakeholders with a robust evidence base to inform future policy refinements, particularly as the Bank expands its membership and navigates increasingly complex national regulatory environments.
The Approach Paper specifying the evaluation objectives, methodology, process, timelines, and key questions is available at the below link.
For any further information, contact Ms. Jin Zhao, Evaluation Specialist at zhao.jin@ndb.int.
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Report on NDB’s Development Results
In 2026, IEO will prepare the second edition of the Report on NDB’s Development Results (RDR) – see First-Edition_-Report-on-NDBs-Development-Results.pdf. The main purpose of the RDR is to provide a consolidated overview of the results of NDB operations across countries and regions, based on the evaluations completed by IEO, as well as to identify lessons, good practices and systemic issues to further strengthen the Bank’s impact. The 2026 RDR will be informed by the more than 20 independent evaluation reports completed by IEO since it was established in April 2022.
The Concept Note outlining the overall approach for the preparation of the RDR will shortly be available, and the final report will be issued by the end of 2026.
For any further information, you may contact Ms. Xiaozhe Zhang, Senior Professional IEO, at zhang.xiaozhe@ndb.int