Press ReleaseNDB Board of Directors Convened its 45th Meeting in Shanghai, China

On December 7, 2024, the Board of Directors (Board) of the New Development Bank (NDB) held its 45^th Meeting at the NDB Headquarters Building in Shanghai, China.

Financial Model and Capital Plan

The Board approved the capital plan for the period of 2025-2027. In addition, the Board also approved the assumptions to be used in the projections underpinning the financial model.

Budget and Business Plan

Pursuant to the consideration of the Budget, Human Resources and Compensation Committee, the Board approved CY2025 budget.

The Board also approved Annual Business Plan 2025.

Middle Reaches of the Yangtze River (Wuhan) Smart Logistics Hub Project

NDB Board of Directors approved a loan of up to RMB 2,415 million to the People's Republic of China for the Middle Reaches of the Yangtze River (Wuhan) Smart Logistics Hub Project.

The chemical industry is a vital component of Wuhan's economy, contributing approximately 6.5% to the municipal GDP. However, its logistics infrastructure currently faces challenges, including dispersed locations of small and medium-sized chemical enterprises and over-reliance on road transport, leading to road congestion and increased greenhouse gas emissions.

NDB financing will be used for the development of a modern logistics facility, which will combine road, water and railway transport modes for chemical and general cargo in Wuhan and reduce transportation costs by improving intermodal connectivity.

The Project is aligned with the United Nations Sustainable Development Goal (SDG) 9: Industry, innovation and infrastructure and its Target 9.1 Develop quality, reliable, sustainable and resilient infrastructure. By avoiding GHG emissions, the Project also contributes to SDG 13: Climate Action, as well as the Bank's climate mitigation finance.

Project Updates and Pipeline

The Board received a comprehensive update on the project pipeline, disbursements and project implementation.

Funding Activities

An increase in the annual funding limit for 2024 was approved by the Board. It also reviewed and approved the Annual Funding Plan for 2025, providing a clear roadmap for the Bank's borrowing activities in the coming year.

Membership Expansion

An update on membership expansion was provided to the Board.

The Board welcomed that on October 28, 2024, the Board of Governors approved a resolution on the admission of Algeria as a borrowing member of the New Development Bank.

Strategy Review

The Board approved the revised Corporate Results Framework, and recommended that the mid-term review of General Strategy for 2022-2026 be amended and submitted to the Board of Governors for approval.

Independent Evaluation

The Board was briefed by Independent Evaluation Office regarding India Country Portfolio Evaluation.

Other Topics

The Board approved the Terms of Reference of the Executive Committee of the Management.

The Board Workplan for 2025 was also approved by the Board, including a Board Retreat in early 2025. The Board agreed that the 34^th ARC Meeting, 30^th BHRC Meeting and 46^th Board Meeting will take place on March 18-20, 2025.

Committee Meetings

The 33^rd Meeting of the Audit, Risk and Compliance Committee took place on December 5, 2024. The Committee welcomed the appointment of the Additional Director for the Constituency of Bangladesh, UAE and Egypt, Ms. Thuraiya Al Hashmi as the Chairperson of the Committee from November 21, 2024 until July 13, 2025.

Following consideration of the Audit, Risk and Compliance Committee, the Board approved the Revised Internal Audit Charter, the Revised Internal Audit Policy, and the Multi-year Risk-based Internal Audit Plan for CY2025 to CY2027.

The 29^th Meeting of the Budget, Human Resources, and Compensation Committee was held on December 6, 2024, and discussed matters pertaining to the budget, business plan, compliance and human resources.

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