On September 14, 2023, the Board of Directors (Board, BoD) of the New Development Bank (NDB) held its 41st Meeting at the Bank’s Headquarters in Shanghai, where the Board members discussed matters pertaining to various aspects of the NDB’s operations, resource mobilisation and future growth.
The Board received a comprehensive update on the project pipeline as well as ongoing project implementation and disbursement. It was highlighted that NDB is committed to mobilizing resources for financing infrastructure and sustainable development projects, prioritizing high-impact operations in alignment with the development objectives of its members and in full support of their commitments under the Sustainable Development Goals (SDGs).
Updates on funding and LIBOR transition progress were provided to the Board. BoD approved the enhancement to the annual funding plan for 2023.
The Board discussed the expansion of the Bank’s membership, highlighting that membership expansion remains a priority to position NDB as a global institution with high credit standing and development impact.
The Board also received reports by the Independent Evaluation Office (IEO) of the New Development Bank pertaining to the evaluations of the COVID-19 Emergency Programme Loans, Brazil Renewable Energy Projects and Associated Transmission Project as well as South Africa Greenhouse Gas Emissions Reduction and Energy Sector Development Project.
The Board also approved the revised Internal Audit Policy and Internal Audit Charter as well as the Multi-year Risk-based Internal Audit Plan for 2023-2025.
The 28th meeting of the Audit, Risk and Compliance Committee and the 24th meeting of the Budget, Human Resources and Compensation Committee (BHRC) were held at the Bank’s Headquarters on September 12, 2023 and September 13, 2023 respectively. The BHRC received a report on human resources and noted the budget utilisation for Q1.
Background Information
New Development Bank was established with the purpose of mobilizing resources for infrastructure and sustainable development projects in BRICS and other emerging market economies and developing countries, complementing the efforts of multilateral and regional financial institutions for global growth and development. In 2021, NDB initiated membership expansion and admitted Bangladesh, Egypt, United Arab Emirates and Uruguay as its new member countries.