The Independent Evaluation Office (IEO) of the New Development Bank conducts evaluations to improve the NDB’s development effectiveness and to further the achievement of the Bank’s mandate.Independent evaluation plays a central role to drive quality and development impact of the Bank.

The IEO is responsible for independently evaluating the Bank’s policies, strategies, processes, initiatives and operations. The IEO will also contribute and provide oversight to improve the effectiveness of the Bank’s quality assurance and self-evaluation activities.

The IEO is independent of the Management of the NDB and reports directly and exclusively to the Board of Directors.


The evaluation function is intended to play a central role in improving NDB strategies, policies, instruments, processes and operations, with the aim of identifying lessons and providing recommendations for improving the efficiency and effectiveness of the Bank.

The IEO’s aim is also to inform the Board of Directors and Management of the results achieved by the Bank in order to enhance the accountability of the organization and ultimately to strengthen and drive the quality of the Bank’s interventions in delivering results in its member countries.

To support NDB in achieving greater development effectiveness, the evaluation function has two core objectives:

  • Promote accountability by providing an evidence-based assessment of results achieved through NDB’s financial and other support to member countries; and
  • Contribute to enhanced learning and feedback to improve the quality of current and future policies, strategies, programs, projects, instruments, underlying processes, organization, resources, and capacities required to achieve these results.

These objectives will also serve to promote a development results, learning and evaluation culture across the Bank to encourage a continuous improvement in the quality of NDB activities.


The Director General of the IEO has the authority to issue and submit final evaluation reports and related products to the Board of Directors and subsequently publish them, without prior clearance from anyone outside the IEO.

The Director General of IEO shall be responsible for the preparation of the IEO annual work programme. The work proramme will take into account institutional priorities of the NDB and its member countries and be prepared through a consultative process engaging with key stakeholders, in particular with the Board officials and NDB Management. The IEO's work programme and budget will be approved by the Board and made available public.

Ongoing Evaluations

The IEO is currently undertaking the following evaluations at the project level. The list of ongoing evaluations is updated regularly.

• India: Madhya Pradesh Major District Roads Project in India

The Independent Evaluation Office is undertaking a Project Evaluation of the NDB-financed Madhya Pradesh Major District Roads Project in India, which was approved by the Board in November 2016, with the objective of improving the state’s connectivity of the current rural interior and achieving a larger coverage of the national and state highway It has disbursed more than 90% of Bank funding (US$ 350 million) for a total project cost of US$ 500 million including US$ 150 million from the Government of the State of Madhya Pradesh. It is a sovereign operation.

Approach Paper specifying the evaluation objectives, methodology, process, timelines, and key questions is available at the link.

• Brazil: Financing of Renewable Energy Projects and Associated Transmission Project in Brazil

The Independent Evaluation Office is undertaking a Project Evaluation of the NDB-financed Renewable Energy Projects and Associated Transmission Project in Brazil. This project was selected for evaluation also considering that it was the first non-sovereign operation financed by the Bank. In terms of sector, it is part of the Bank’s clean energy operations. It was approved by the Board in April 2016 and has disbursed 100% of Bank funding (US$ 300 million) for a total project cost of US$ 600 million including borrower (BNDES) co-funding of the same amount.

The Approach Paper specifying the evaluation objectives, methodology, process, timeline, and key questions will be available in due course.


On 24 August 2022, the NDB Board of Directors approved the Bank’s first Evaluation Policy. This policy sets out the overarching framework for conduct of evaluations in NDB. The Policy focus on strategic issues and clearly defines roles and responsibilities across the various components of the evaluation system ensuring complementarity and avoiding overlap and duplication with other entities responsible for oversight in the Bank. The new Policy covers independent evaluations as well as some aspects of self-evaluation.

The evaluation policy is intended to help NDB Management and staff, and partners align their expectations in determining why, when, and how to use evaluation for improved development impact and sustainability.

The policy learns from a benchmarking of the evaluation policies and equivalent documents of selected Multilateral Development Banks (MDB) and United Nations organizations with respect to the overall coverage of the policies, the roles and responsibilities addressed herein, and the underlying principles. While learning from other MDBs, this policy considers good practices that are most relevant to the unique context of the NDB and its specialized mandate.

Also, the policy is established in the Evaluation at NDB’s core principles: Independence, utility, timeliness and credibility and transparency.

Download the Evaluation Policy