On March 22, 2024, the Board of Directors (Board) of the New Development Bank (NDB) concluded its 43rd meeting held at the NDB Headquarters in Shanghai, China. The meeting covered important topics and decisions:
Project updates and pipeline
The Board received comprehensive briefings on implementation, disbursements, procurement as well as environment, social and governance (ESG) risks management of ongoing projects in member countries. Additionally, a robust project pipeline for 2024 was discussed, aligned with the development objectives of NDB’s member countries. The Board was also briefed on the environmental and social aspects of the project portfolio, highlighting NDB’s commitment to sustainable and socially responsible project financing.
Treasury and finance
The Board was provided with an update on the funding and the treasury investment portfolio.
The Board noted NDB’s successful transition of legacy LIBOR (London Interbank Offered Rate) assets, funding and derivatives into SOFR (Secured Overnight Financing Rate).
The Board recommended submission of the Annual Audited Financial Statements of the New Development Bank for the year ended December 31, 2023, as well as the Annual Audited Financial Statements of the Project Preparation Fund of the New Development Bank for the year ended December 31, 2023 to the Board of Governors for approval.
Policy approvals, independent evaluation, membership expansion and other topics
The Board was updated on membership expansion.
The Board discussed the Independent Evaluation Synthesis Report on the role of NDB Regional Offices in strengthening on-the-ground presence and approved the revised NDB Evaluation Policy.
The Board took note of the progress of membership expansion.
The Board received a briefing on the preparation work for the Ninth Annual Meeting of the Board of Governors scheduled to be held in South Africa in 2024.
Committee meetings
The 30th Meeting of the Audit, Risk and Compliance Committee and the 26th Meeting of the Budget, Human Resources, and Compensation Committee were held on March 20 and 21, 2024 respectively, at the NDB Headquarters.
About NDB
The New Development Bank was created in 2015 by Brazil, Russia, India, China and South Africa to mobilize resources for infrastructure and sustainable development projects in the BRICS and other emerging market economies and developing countries. In 2021, the NDB began expanding its membership and admitted Bangladesh, Egypt, the United Arab Emirates and Uruguay as its new member countries. For more information on the NDB, visit www.ndb.int.