New Development Bank

In July 2015, the governments of Brazil, the Russian Federation, India, the People’s Republic of China, and South Africa (BRICS) established the New Development Bank (NDB). NDB’s main objectives are fostering the development of member countries, supporting economic growth, promoting competitiveness and facilitating job creation, and building a knowledge-sharing platform among developing countries. NDB’s key areas of operation include clean energy; transport infrastructure; irrigation, water resource management, and sanitation; sustainable urban development; and economic cooperation and integration among member countries.

In June 2022, ADB and the NDB signed a memorandum of understanding to develop and facilitate collaboration in matters of common interest and to set out areas for strategic cooperation toward achieving their common objectives.

Highlights

Knowledge. In November 2023, ADB’s Office of Safeguards met with the NDB, Asian Infrastructure Investment Bank, and Multilateral Cooperation Center for Development Finance in Beijing as part of ongoing consultations on ADB’s draft environmental and social framework. During the mission, they discussed safeguard policy harmonization, policy implementation and opportunities for enhanced cooperation, and capacity building.

During the 2023 United Nations Climate Change Conference (COP28), multilateral development banks, including ADB and the NDB, made a joint statement affirming their commitment to strengthening collaboration with clients, development partners, civil society, the private sector, and others to reduce poverty and inequality, and address the crises.