The New Development Bank (NDB) is set to begin an evaluation of its India project portfolio since 2015 in the coming year, according to Director General Ashwani K Muthoo. The evaluation aims to assess NDB's comprehensive engagement with India and identify future priorities. The Independent Evaluation Office (IEO) of the NDB has recommended a country strategy for India.
The NDB has sanctioned $7.5 billion for India, disbursing $4.2 billion thus far. This includes a $2-billion loan for emergency response to Covid-19. In addition, NDB's Vice-President and Chief Risk Officer, Anil Kishora, revealed upcoming approvals for rural road projects in Bihar and Gujarat. These new projects will supplement the previously approved initiatives such as Metro (TSX:MRU) and RRTS (OTC:RRTS) projects in Mumbai, Indore, and Chennai, water sector initiatives in Rajasthan and Manipur, ecotourism in Meghalaya, and rural roads in Madhya Pradesh and Bihar.
The IEO report showed that NDB’s near $10 billion Covid-19 emergency loans have benefited 400 million people across its founding nations. The India-focused Covid-19 response alone generated 5.4 billion person-days of employment and ensured WHO-standard training for all district hospital doctors and nurses.
On another note, the NDB plans to issue rupee denominated bonds by 2024 with the intention of mobilizing 30% of its resources in local currency. This move aims to mitigate forex risk and simplify financing procedures. The bank has previously utilized South African rand for fundraising.
In 2021, the NDB expanded its membership to include Bangladesh, Egypt, UAE, and Uruguay.
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