The 3rd Strategic Retreat of the Board of Directors (“Board”) took place on December 2, 2025, at the NDB Headquarters, focusing on matters related to the Bank’s General Strategy for 2027-2031 and Independent Evaluation.
On December 4-5, 2025, the Board convened its 49th Meeting at the Bank’s Headquarters in Shanghai, China.
Funding and Treasury Activities
The Board of Directors reviewed the update on funding activities in Q3 2025 and approved the Bank’s Funding Strategy and Plan for 2026 and the Capital Plan for the period of 2026-2028.
Budget and Business Plan
The Board approved the proposed Annual Business Plan and Budget for 2026.
Operations
The following six new Project Proposals were approved by the Board of Directors:
Integration, Social and Sustainable Development Program of Maceió
The Board approved a loan of up to USD 150 million guaranteed by the Federative Republic of Brazil for the Integration, Social and Sustainable Development Program of Maceió. The Project will finance the construction of a bus rapid transit (BRT) system, a high-capacity public transit solution, along the city’s main transit corridor. The BRT system is expected to enhance urban mobility, improve inclusive public transportation, and foster sustainable socioeconomic development of Maceió, addressing its growing mobility constraints and evolving urban needs. The Project will contribute primarily to the achievement of UN SDG 11: Make cities inclusive, safe, resilient and sustainable. It also contributes to the achievement of SDG 9: Build resilient infrastructure, promote inclusive and sustainable industrialization and foster innovation, as well as SDG 13: Take urgent action to combat climate change and its impacts.
Regional Sustainable Infrastructure Development Program
The Board approved a loan of up to USD 500 million to the Federative Republic of Brazil for the implementation of the Regional Sustainable Infrastructure Development Program. The Program aims to promote sustainable socio-economic development in the North, Northeast and Central-West macro-regions of Brazil. The Loan will be used by the Government of Brazil as contribution to the resources of its regional development funds, namely the Development Fund of the Amazon (Fundo de Desenvolvimento da Amazônia), the Development Fund of the Northeast (Fundo de Desenvolvimento do Nordeste), and the Development Fund of the Central-West (Fundo de Desenvolvimento do Centro-Oeste), to channel concessional funding for infrastructure projects in the renewable energy and transport sectors. The Program contributes to the achievement of the SDG 7: Ensure access to affordable, reliable, sustainable and modern energy, SDG 9: Build resilient infrastructure, promote sustainable industrialization and foster innovation, and SDG 13: Take urgent action to combat climate change and its impacts.
Brazil Smart Hospital Project
The Board approved a loan of up to USD 320 million to the Federative Republic of Brazil for the Brazil Smart Hospital Project to be implemented in São Paulo. The Project involves constructing a public hospital facility which will incorporate advanced medical technologies and artificial intelligence to enhance healthcare delivery, reduce response times and elevate efficiency standards. The Project is expected to serve as a national model, to be replicated in other locations on the country, supporting Brazil’s National Health Plan 2024-27 and Digital Health Strategy 2020-28. The Project will contribute to the achievement of UN Sustainable Development Goal (SDG) 3: Ensure healthy lives and promote well-being for all at all ages.
Wastewater Integration and Pipeline Rehabilitation Project in China
The Board approved a loan of up to USD 50 million equivalent in RMB to China Water Affairs Group (CWA) to finance a part of its capital expenditure program aimed at the modernization and expansion of the water and wastewater services infrastructure in Ningxiang City, Hunan Province, China. The Project will connect approximately 40,000 households to the wastewater system and improve sewage treatment quality and energy efficiency. The Project also includes building a smart wastewater treatment plant utilizing automatic control systems and advanced biochemical treatment technology. The Project will contribute to the achievement of the UN SDG 6: Ensure access to water and sanitation for all, and SDG 13: Take urgent action to combat climate change and its impacts.
IDC Sustainable Infrastructure Project
The Board approved a loan of up to ZAR 1 billion to the Industrial Development Corporation of South Africa Limited (IDC). The Loan will be used by IDC for on-lending to public and private borrowers to finance infrastructure projects in South Africa in bulk water supply and healthcare facilities. The Project will contribute to the achievement of the UN SDG 6: Ensure access to water and sanitation for all, and SDG 3: Ensure healthy lives and promote well-being for all at all ages.
NIIF Private Markets Fund II Equity Investment
The Board approved an equity investment of up to USD 100 million equivalent in INR in NIIF Private Markets Fund II managed by National Investment and Infrastructure Fund Limited (NIIF). NDB will provide long term equity capital to catalyze private capital in sectors aligned with NDB mandate. NDB, by supporting intermediary NIIF PMF-II, will empower end beneficiaries by investments in energy transition and climate action, urban and social infrastructure, digital and tech-enabled infrastructure, and other productive sectors. The investment is primarily aligned with SDG 9: Build resilient infrastructure, promote sustainable industrialization and foster innovation, and will also contribute to SDG 13: Take urgent action to combat climate change and its impact, and SDG 17: Revitalize the global partnership for sustainable development.
The Board also received updates on the Bank’s project pipeline, project implementation and disbursement, as well as project procurement in non-member countries.
Membership Expansion
The Board of Directors was briefed of the progress on membership expansion and provided its guidance for next steps.
General Strategy
The Board was briefed on the implementation of the Bank’s General Strategy for 2022–2026.
Committee Meetings
The Board also conducted the 37th Meeting of the Audit, Risk and Compliance Committee (“ARC”) and the 33rd Meeting of the Budget, Human Resources and Compensation Committee (“BHRC”) were held on December 3, 2025.
The 37th ARC Meeting reviewed the Condensed Financial Statements of the New Development Bank for the nine months ended September 30, 2025, and the Condensed Financial Statements of the Project Preparation Fund of the New Development Bank for the nine months ended September 30, 2025, as well as the Financial Statement Analysis for the nine months ended September 30, 2025. The Meeting also reviewed and recommended the Board approving the proposed amendments to the Internal Audit Charter and the Internal Audit Policy, as well as the Risk-based Internal Audit Plan for 2026-2028.
The 33rd BHRC Meeting discussed the Bank’s budget utilization, as well as matters related to Human Resources and Ethics.