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On May 29, 2023, the Board of Directors of the New Development Bank (NDB) held its 40th meeting in the Bank’s Headquarters in Shanghai, China.

The Board received an update on the NDB’s funding. The Bank’s USD 1.25 billion 3-year benchmark green bond issued under its USD 50 billion Euro Medium Term Note Programme was noted by the Board.

The Board reviewed Approach Papers on the evaluation of NDB’s financial architecture and the preparation of NDB’s Evaluation Manual, which were prepared by the Independent Evaluation Office of the Bank.

Preparations for the forthcoming Eighth Annual Meeting of the Board of Governors to be held on May 30, 2023 in the NDB Headquarters in Shanghai under the theme of “Shaping a New Era for Global Development” were discussed by the Board.

The 27th meeting of the Audit, Risk and Compliance Committee and the 23rd meeting of the Budget, Human Resources and Compensation Committee were held in the NDB Headquarters on May 29, 2023.

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.