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Home / IAS Preparation / New Development Bank

New Development Bank: History, Objectives, Focus Areas, and Projects of the NDB

Last Updated on Feb 13, 2024
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New Development Bank (NDB) is a multilateral development bank that aims to mobilise resources for sustainable development and infrastructure projects in Brazil, Russia, India, China and South Africa (BRICS) and other Emerging Economies and Developing Countries (EMDC). It was established by BRICS in 2015. The NDB headquarters is located in Shanghai, China.

New Development Bank (NDB) is one of the most important topics for the UPSC IAS exam. It covers a significant part of the International Organisation subject in the Mains General Studies Paper-II syllabus and General Studies Paper-1 of the UPSC Prelims Syllabus.

In this article, we shall study the history, objectives, achievements and concerns related to the New Development Bank UPSC.

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New Development Bank (NDB): Roles, Objectives, Achievements and Concerns: Download PDF Here!

About the New Development Bank

The New Development Bank (NDB) is an international financial institution. It was established in 2014 by the BRICS countries Brazil, Russia, India, China, and South Africa. The NDB aims to finance sustainable development and infrastructure projects in BRICS member countries and other emerging economies.

History

  • Initially known as the BRICS Development Bank, the NDB was conceptualized at the 4th BRICS Summit in New Delhi, India, in 2012. 
  • The official formation treaty was signed at the 6th BRICS Summit in Fortaleza, Brazil, in 2014. The Fortaleza Declaration outlined the NDB's role in strengthening cooperation among BRICS members.
  • The NDB provides financial support for public and private projects through various means.
  • The NDB is headquartered in Shanghai, China. It has regional offices in all BRICS member countries except India. 
  • In 2018, the NDB attained 'Observer' status at the United Nations General Assembly.

Objectives of NDB

  • The objective of the New Development Bank is to help finance infrastructure development projects in emerging economies.
  • NDB operates as an alternative, in terms of interest rates, to the World Bank and the International Monetary Fund (IMF).
  • Additionally, the institute seeks to increase financial cooperation among the signatory countries.
  • Establishment of a wide network of global partnerships with other multilateral development institutions.
  • Promotion of infrastructural and sustainable development-related projects.
  • Establishment of a balanced project portfolio keeping certain factors in mind, such as financial requirements, geographic location, etc.

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Structure of NDB 

The bank is governed by a Board of Governors, which comprises one representative from each member country. The Board of Governors is responsible for setting the bank's overall strategic direction. The day-to-day operations of the bank are managed by a Board of Directors, which is composed of eight members.

The bank's governance structure is designed to ensure that it is accountable to its member countries. It also ensures that its operations are conducted in a transparent and efficient manner. The bank has many safeguards in place to prevent corruption and fraud.

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Focus Areas of the New Development Bank

There are 6 Focus areas operational in NDB. The focus areas are listed below.

  • Clean Energy and Energy Efficiency
  • Transport Infrastructure
  • Water and Sanitation
  • Environmental Protection
  • Social Infrastructure
  • Digital Infrastructure

Also, check out the article on the Association of South-East Asian Nations (ASEAN) for UPSC preparation!

Projects funded by NDB in India
  • The NDB has made financial commitments to various large-scale infrastructure projects in India. This includes:
    • the Mumbai Metro rail, 
    • the Delhi-Ghaziabad-Meerut Regional Rapid Transit System, and 
    • numerous renewable energy initiatives. 
  • To date, the NDB has approved 14 Indian projects worth approximately USD 4.2 billion.
  • In 2020, India secured a USD 1 billion loan agreement with the NDB. This is specifically aimed at enhancing rural employment and infrastructure in the country.

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Achievements of the New Development Bank
  • Infrastructure Investments: The NDB has successfully invested in various infrastructure projects in BRICS countries. This totals $21 billion as of November 2020. 
  • Local Currency Financing: Approximately 27% of the NDB's project approvals are denominated in the local currencies of the borrowing members. This reduces currency volatility risks. It helps maintain the creditworthiness of project cash flows.
  • Positive Ratings: The NDB has received positive ratings from rating agencies. This enables the bank to raise funds at competitive rates. It provides cost savings to its member borrowers, who would typically face higher rates for development financing.
  • Operational Growth: The NDB has been able to operate and grow steadily. This is despite the geopolitical challenges faced by its member countries.
  • COVID-19 Response: In response to the COVID-19 pandemic, the NDB launched a $10 billion Emergency Assistance Program.
  • Collaboration with Development Banks: The NDB has established partnerships with significant development banks. This includes 
    • the CAF (Latin American regional development bank), 
    • the Asian Infrastructure Investment Bank (AIIB), and 
    • the World Bank Group.
  • Credit Rating: The NDB holds a credit rating of AA+, which is one step below the highest rating. This rating is commendable despite some member countries facing economic challenges.
  • Bonds Issuance: The NDB has successfully issued various bonds, including "green bonds" in 2016. It has approved over 42 projects in member countries, surpassing the portfolio of the AIIB.

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Concerns Associated with the New Development Bank
  • Low Loan Disbursal: The NDB has approved over $12 billion in loans. However, it has disbursed less than $1 billion, indicating a significantly low level of loan disbursement.
  • Political Turmoil: The NDB has faced challenges due to political tensions in its member countries. 
  • Sustainability Issues: There are concerns about the NDB's definition of sustainability. It has labeled projects as sustainable without clear explanations or transparent criteria. 
    • For example, financing the Trans-Amazonian highway project in Brazil. This is controversial due to its potential negative impact on the Amazon rainforest.
  • Environmental Compliance Standards: The NDB currently relies on the borrowing country's socio-environmental standards when approving projects. However, there is a need for the bank to develop its internal compliance standards.
  • Dependency on Government-backed Projects: Many of the NDB's projects are government-backed or government-sponsored. It has to diversify its portfolio and attract private investments.

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Difference Between NDB and AIIB

The difference between the New Development Bank (NDB) and the Asian Infrastructure Investment Bank (AIIB) is listed in the table below.

Parameters

NDB

AIIB

Full Form

New Development Bank

Asian Infrastructure Investment Bank

Establishment

2014

16 January 2016

Members

5

106

Headquarters

Shanghai, China

Beijing, China

President

Marcos Prado Troyjo

Jin Liqun

Voting Rights

Equal voting rights to all members.

Voting rights depend on the economy of a member country.

Eligibility Criteria for membership

Open to all UN member countries

Open to all members of the Asian Development Bank (ADB) or the World Bank countries.

Objective

To enhance connectivity, expand access and foster innovation for member countries.

To foster sustainable economic development, create wealth and improve infrastructure connectivity.

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New Development Bank: Important Facts & Figures for UPSC

The table below shows the important facts and figures related to the New Development Bank for the UPSC exam.

New Development Bank At Glance

Establishment Year

2014

Founder

BRICS

NDB Headquarters

Shanghai, China‎

NDB President

Marcos Prado Troyjo

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Conclusion

The New Development Bank emerged as a total game changer in the economy of its member countries. However, this was the sole purpose of BRICS nations to establish NDB. The NDB has the ability to fundamentally alter the development sector in the long run. If its own development even remotely resembles that of the World Bank, it might ultimately have a defining influence on economic policy-making and general development plans in emerging economies, particularly in the South countries.

Also, check out the article on the Organization of the Petroleum Exporting Countries (OPEC) for UPSC preparation!

UPSC Previous Years Questions on New Development Bank

India has recently signed to become a founding member of the New Development Bank (NDB) and the Asian Infrastructure Investment Bank (AIIB). How will the roles of the two Banks be different? Discuss the strategic significance of these two Banks for India. (2014)

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New Development Bank FAQs

BRICS nations founded the New Development Bank in 2014 at the 6th BRICS Summit. NDB was formally known as BRICS Development Bank.

There is a total of 9 members in the New Development Bank comprising 5 founding members (Brazil, Russia, India, China and South Africa), 2 new members( Bangladesh, United Arab Emirates) and 2 prospective members (Egypt and Uruguay).

As of 2023, the head of the New Development Bank (NDB) is Mr Marcos Prado Troyjo.

The first chairman of NDB was K.V. Kamath. He served as a chairman of the New Development Bank till 2020.

The old name of the New Development Bank (NDB) was BRICS Development Bank.
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