Historical Organization
New Development Bank
New Development Bank
Also known as: NDB
Details
Organization Timeline
BRICS leaders agree to establish a development bank
📅 27 March 2013The Durban statement moved from a feasibility study to an agreed plan for a bank supporting infrastructure and sustainable development; the founding agreement followed in 2014.
Five governments sign New Development Bank agreement
📅 15 July 2014The founding agreement established a bank to mobilize finance for infrastructure and sustainable development in BRICS and other emerging and developing countries.
Fortaleza summit agrees on an African regional centre for the bank
📅 15 July 2014The leaders decided that the new bank would be headquartered in Shanghai and would establish an African regional centre in South Africa.
New Development Bank holds its inaugural governors meeting
📅 7 July 2015The bank’s governors met in Moscow shortly before the Ufa summit. The institution moved from a signed agreement toward operational governance.
New Development Bank signs its headquarters agreement
📅 27 February 2016The bank signed agreements with China and Shanghai governing its headquarters; the bank described this as the step that made it fully operational.
New Development Bank announces its first approved loans
📅 15 April 2016The bank announced four loans worth a total of US$811 million for renewable-energy projects in Brazil, China, India and South Africa, making development finance concrete.
New Development Bank issues its first green bond
📅 18 July 2016The RMB 3 billion bond issued in the Chinese interbank market raised capital for the bank’s infrastructure and sustainable-development mandate.
New Development Bank governors hold their first annual meeting
📅 20 July 2016Governors and directors reviewed the bank’s early operations and project approvals, marking the shift from establishment to regular oversight.
New Development Bank signs cooperation agreements with other development banks
📅 9 September 2016Memoranda with the World Bank Group and Development Bank of Latin America set a basis for project and knowledge cooperation; NDB positioned itself as a complement to existing institutions.
NDB signs cooperation memoranda with several regional development banks
📅 1 April 2017Agreements with the Asian Infrastructure Investment Bank and other development banks created channels for potential cofinancing and knowledge exchange.
New Development Bank opens its Africa Regional Center
📅 17 August 2017The Johannesburg office began building a regional project pipeline and closer links with African partners for infrastructure and sustainable development.
NDB and BRICS Business Council sign a cooperation memorandum
📅 4 September 2017The bank and business council formalized a channel to identify and develop potential investment and infrastructure cooperation.
NDB signs cooperation memorandum with Inter-American Development Bank
📅 19 April 2018The agreement created a channel for collaboration in the Americas on sustainable infrastructure and development finance.
NDB signs host agreement for an Americas regional office
📅 26 July 2018The agreement prepared an office in São Paulo to identify and support sustainable-development projects across the Americas; it did not itself open the office.
New Development Bank and FAO sign cooperation memorandum
📅 17 June 2019The bank and UN Food and Agriculture Organization established a partnership channel relevant to sustainable development and agriculture.
NDB signs agreement for a Eurasian regional centre
📅 13 November 2019The agreement with Russia provided for a Moscow-based centre to identify projects and strengthen the bank’s regional presence; its opening was a later step.
NDB approves emergency pandemic assistance to China
📅 19 March 2020The bank’s board approved a RMB 7 billion emergency programme loan to help address the health and economic effects of COVID-19.
NDB issues a Coronavirus Combating Bond
📅 2 April 2020The RMB 5 billion bond was issued to finance the emergency assistance programme for China, connecting capital raising to pandemic response.
NDB approves pandemic emergency assistance to India
📅 30 April 2020The bank’s board approved a US$1 billion emergency loan, later fully disbursed, to support India’s response to COVID-19.
NDB prices a dollar COVID response bond
📅 16 June 2020The US$1.5 billion bond raised funds in international capital markets for emergency response by NDB member countries.
NDB approves emergency assistance programme for Brazil
📅 20 July 2020A US$1 billion programme aimed to help Brazil respond to the health and economic impacts of COVID-19.
NDB governors review pandemic response and expansion
📅 30 March 2021At the bank’s sixth annual meeting, governors reviewed emergency lending, plans for new members and infrastructure priorities.
Bangladesh becomes a New Development Bank member
📅 16 September 2021Bangladesh deposited its accession instrument and became the bank’s first effective member beyond the five founding countries. This was NDB membership, not BRICS membership.
NDB moves into its permanent Shanghai headquarters
📅 28 September 2021The bank and Shanghai municipal government held a handover and move-in ceremony for the headquarters building.
United Arab Emirates becomes an NDB member
📅 4 October 2021The UAE deposited its accession instrument, becoming an effective member of the bank before it was invited to join the BRICS grouping in 2023.
NDB adopts its 2022–2026 general strategy
📅 19 May 2022The bank’s governors approved a plan to scale up infrastructure and sustainable-development finance and continue gradual membership expansion.
Egypt becomes an NDB member
📅 20 February 2023Egypt deposited its accession instrument and became an effective member of the New Development Bank; its later BRICS invitation was a separate decision.
Dilma Rousseff elected president of the NDB
📅 24 March 2023The bank’s governors unanimously elected the former Brazilian president, effective immediately, to lead its development-finance work.
NDB governors convene annual meeting in Shanghai
📅 30 May 2023The eighth annual meeting discussed the bank’s development role and was its first governors meeting at the new headquarters.
NDB settles its first rand bond issue
📅 21 August 2023The bank issued ZAR 1.5 billion across three- and five-year tranches in South Africa, a step toward raising more development finance in members’ currencies.
NDB signs green lending agreements with BNDES
📅 6 December 2023Two agreements totaling US$1.7 billion supported Brazilian environmental and sustainable-development priorities through its national development bank.
NDB signs its first syndicated loan facility
📅 27 December 2023The bank signed a US$2 billion facility, including an optional increase, diversifying how it raises capital for development lending.
NDB approves South African municipal water programme
📅 29 August 2024A US$1 billion loan supported water supply and sanitation infrastructure in municipalities, addressing basic service gaps.
NDB governors meet in Cape Town
📅 30 August 2024At their ninth annual meeting, governors discussed sustainable investment and the bank’s development priorities in its African host country.
NDB signs freight rail loan with Transnet
📅 30 August 2024A R5 billion agreement aimed to modernize South Africa’s freight rail system and improve logistics.
Kazan declaration backs local-currency NDB financing
📅 23 October 2024Leaders encouraged the development bank to expand local-currency financing and mobilize resources for infrastructure and sustainability.
NDB governors open eleventh annual meeting in Moscow
📅 14 May 2026The New Development Bank’s Board of Governors met on 14–15 May around development financing during technological change. The date records its opening day.
NDB forum examines financing for technology and innovation
📅 14 May 2026The bank’s annual meeting held a governors’ seminar on development financing in a technological revolution, connecting its development mandate to new technologies.
Uzbekistan becomes an NDB member
📅 5 June 2026The New Development Bank records Uzbekistan as a member effective 5 June. NDB membership is separate from full BRICS membership.
BRICS welcomes a development knowledge portal
📅 12 September 2026The declaration welcomed a BRICS–NDB portal to share development experiences, policy lessons and projects across chairships.
BRICS supports local-currency development finance
📅 12 September 2026Leaders urged the NDB to diversify funding sources and expand local-currency finance for infrastructure, sustainability and development priorities.
NDB lists Olifants water programme
📅 17 September 2026The bank listed Stage I of the Olifants Management Model Program as a sovereign water and sanitation project in South Africa, dated 17 September.