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On December 13, 2022, the Board of Directors (Board) of the New Development Bank (NDB) held its 38th Meeting in a virtual format.

The Board approved the following project proposals:

  1. Guangxi Trunk Road Network Improvement Program

The Board approved a loan of up to EUR 465 million to the People’s Republic of China for the Guangxi Trunk Road Network Improvement Program. Addressing the regional trunk road capacity challenges, the Program will enhance the capacity and quality of the road network in the Guangxi Zhuang Autonomous Region of China through the construction and rehabilitation of national and provincial level roads, as well as implementation of a road safety enhancement program.

  1. Corridor 4 of Phase II of Chennai Metro Rail Project

The Board approved a loan of up to USD 346.72 million to the Republic of India for  the Corridor 4 of Phase II of Chennai Metro Rail Project. The Project consists of constructing a new metro line (Corridor 4) in Chennai with a total length of about 26.8 km, providing connectivity between the eastern and western parts of the city. The Project will increase productivity and improve the quality of life in Chennai Metropolitan Area by providing an efficient, safe and environmentally friendly public transit system.

  1. Anhui Tongling G3 Road-Rail Bridge Project

The Board approved a loan of up to RMB 2.19 billion to the People’s Republic of China for the Anhui Tongling G3 Road-Rail Bridge Project. The Project is located in Tongling, Anhui Province and it involves the construction of a joint road and rail bridge across the Yangtze River and related connecting roads on both sides of the riverbank. The Project will be located 720 m away from the existing bridge and will provide an additional route for transit and intra-city traffic, alleviating traffic congestion. To address the growing rail intercity passenger and freight demand in Anhui, the Project adopts a road-rail joint construction scheme and incorporates four rail tracks for future connection with planned railway routes (outside the scope of the Project).

  1. Urban Sustainable Infrastructure Program – Aracaju City of the Future

The Board approved a loan of up to USD 84 million guaranteed by the Federative Republic of Brazil to the Municipality of Aracaju for the Urban Sustainable Infrastructure Program – Aracaju City of the Future. The Project includes: i) implementation of stormwater and sewage systems covered with street paving; ii) restoration and construction of the water canal networks, and iii) replacement of the top pavement layer and sidewalks through the main avenues of Aracaju. The Project is expected to enhance life conditions of the population in Aracaju in a comprehensive manner by increasing sanitation coverage, street paving, eliminating flood areas, and improving accessibility and mobility throughout the city.

  1. Water and Wastewater Services Expansion Project in Manaus

The Board approved a loan of up to USD 80 million to Manaus Ambiental S.A. (Aguas de Manaus), a water and wastewater utility company in the city of Manaus, capital of the state of Amazonas (Brazil), for the Water and Wastewater Services Expansion Project. The proceeds of the loan will be used for the modernization and expansion of the water and wastewater services infrastructure in Manaus, providing access to water to approximately 84,000 new families and access to wastewater services to 160,000 new families. The Project is expected to contribute to rehabilitating or developing water and wastewater infrastructure, enhancing access to reliable and affordable water and wastewater services for the population of Manaus, improving public health, reducing water-borne diseases and ensuring compliance with environmental standards.

The Board was also updated on the project pipeline and ongoing project implementation and disbursements.

The Board discussed the Bank’s first Independent Evaluation Report on the Loan to the Government of India for the Madhya Pradesh Major District Road Project and approved the Terms of Reference of the High-Level Independent Evaluation Advisory Committee.

The Board was provided an update on the impact and implications of recent market developments on NDB and was briefed of the funding activities as well as the NDB’s LIBOR transition progress in the past quarter. The Board further approved the Funding Plan for 2023.

The Board took note of the progress concerning the membership expansion.

The 25th meeting of the Audit, Risk and Compliance Committee and the 21st meeting of the Budget, Human Resources and Compensation Committee were held on December 6 and 7, 2022 respectively.


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.