The New Development Bank (NDB) aims to finance $5 billion in projects by 2025, with a focus on Egypt and Bangladesh, Daily News Egypt reports. During its inaugural seminar in Egypt, the bank detailed its plans to support sustainable development projects in the country, allocating $1 billion to these new members.
Vladimir Kazbekov, NDB Vice President & Chief Operating Officer, reported that the bank’s portfolio currently includes over $45 billion across more than 100 projects, with more than half of the funds already disbursed. This year, the NDB plans to finalise 12 financing agreements totalling $4.7 billion, primarily targeting sovereign projects and increasing the number of approvals.
A significant focus for the NDB is increasing local currency financings, which make up 23% of its portfolio. The bank is looking to expand the range of currencies and develop new tools to finance projects in various countries, aiming to better meet member states’ needs.
Anil Kishora, Vice President & Chief Risk Officer, and Xiheng Jiang, Director General of the Strategy, Policies, and Partnerships Department, outlined the NDB’s 2022-2026 strategy. This strategy focuses on mobilising resources for infrastructure and sustainable development, emphasising renewable and green energy, transport, digital and financial inclusion, social infrastructure, and climate issues.
By 2026, the NDB aspires to be recognised as a leading development bank, providing quality financial solutions for infrastructure. This includes mobilising $30 billion in approved financing, co-financing 20% of projects with partner banks, and ensuring that 30% of total financing is in local currencies.
The bank also intends to enhance support for non-sovereign operations, including public-private partnerships and foreign investment projects.
Read more: The New Development Bank: Ten years later
