The NDB and SDGs: Does the Bank Fulfill Its Mandate?

Abstract

Multilateral Development Banks (MDBs) have long played an important role in resolving of international challenges, including though research cooperation. They are believed to be less politically engaged than bilateral development assistance programs and therefore better positioned to form the global agenda. The New Development Bank (NDB), in its turn, is an especially important player among MDBs, since it is one of the few institutions with the world’s largest economies as its co-founders, but without any of the G7 economies. In 2020 it showed its ability to provide well-timed and effective loans to its members during crises, approving the first NDB Emergency Assistance Program in Combating COVID-19 in March 2020.

In this article we discuss changes to the global sustainable development agenda and the NDB’s contribution to the sustainable development goals (SDGs) in member countries, potential instruments and priority sectors in the longer-term and implications for the global financial architecture, given the changing global economic environment. We have looked at the alignment of NDB projects with the SDGs and concluded that the NDB primarily contributes to SDG 6, SDG 7, SDG 8, and SDG 9, with the latter – with its 49 projects – leading the way. This is consistent with the Bank’s mandate, which highlights infrastructure as a primary sector of investment.