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NDB AR 2020 Complete V2 NDB Headquarters NDB Annual Report 2020 32–36 Floors, BRICS Tower Annual Report 333 Lujiazui Ring Road, Pudong Area 2020 Shanghai – 200120, China www.ndb.int Meeting ever-evolving development Source: Shanghai Lingang Hongbo challenges New Energy Development Co., Ltd Contents 2 Message from the President 5 Chapter 1 NDB’s story: A demand-driven institution 6 NDB’s essence 8 Five years in numbers (2016-2020) 10 Governance 14 2020 in review and the year ahead 17 Chapter 2 Response to COVID-19 23 Chapter 3 Stepping up dialogue and cooperation on development 24 Highlights from the BRICS and international cooperation 36 Membership expansion 38 Talent-centred institutional building 41 Chapter 4 Enhancing development impact 42 Strategy and development impact 46 Impact stories 51 Chapter 5 Increasing sophistication and soundness 52 Operational performance and projects by key areas of operation 66 Treasury activities and risk management 73 Annexe 74 List of NDB’s approved projects 78 NDB’s project cycle 79 NDB’s organisational structure 80 NDB’s contacts 81 NDB’s 2020 Financial statements 82 Financial Statements Analysis 94 NDB’s Annual Financial Statements for the Year Ended December 31, 2020 144 NDB’s PPF Financial Statements for the Year Ended December 31, 2020 158 List of initialisms and definitions This Annual Report sets out the progress made in 2020 by the New Development Bank (NDB or the Bank) in delivering on its mandate of mobilising resources for infrastructure and sustainable development projects to support global growth. Chapter 1 provides a snapshot of its essence and major operational and financial numbers. Chapter 2 describes NDB’s response to COVID-19 while Chapter 3 highlights cooperation among its member countries and the Bank’s approach to extending its scope by engaging with potential new members and stepping up dialogue with the international development community. In Chapter 4, this report presents its strategy implementation, including development impact and considerations on environmental, social and governance issues and Chapter 5 concludes by discussing the Bank’s operational performance, treasury and financial activities. This report also contains NDB’s Annual Financial Statements for the year ended at 31 December 2020 and related analysis. 2020 was a transitional year for NDB and one in which it faced some significant challenges. As the Bank completed its first five full years of operation, it swiftly responded to member countries’ demands in facing the COVID-19 pandemic. It has relied on its robust foundations to actively deal with ever-evolving development challenges under the continuing objective of building a talent-centred development finance institution for the 21st century. Going forward, NDB will strive to offer more sophisticated and innovative solutions to its members and the wider development community by fostering dialogue and international cooperation through development networks and encouraging new business partnerships. New Development Bank | Annual Report 2020 1 Message from the President Aligning NDB to its objectives will benefit from progress in four main areas: enhancing our sophistication to deal with complex themes and projects; leading development networks; expanding our membership; and mobilising resources through innovative mechanisms and financial structures. Mr. Marcos Troyjo President 2 New Development Bank | Annual Report 2020 Message from the President n 2020, the New Development Credit Rating Agency and the Analytical Bank completed its first five- Credit Rating Agency, respectively. NDB’s year cycle amid one of the most credit rating has allowed the Bank to profound global crises ever widen its access to a worldwide investor base at competitive rates. The Bank also Iexperienced by the development expanded its outreach through establishing community. The dimension of the regional offices in South Africa, Brazil and public health, social and economic Russia, and started preparations for the challenges posed by the COVID- establishment of local presence in India 19 pandemic required swift and in 2021. unprecedented action from national and international The challenging operating environment in 2020 has not compromised the quality institutions. NDB stepped up to of our solutions, the speed of our delivery, respond to the urgent needs of and our commitment to member countries. its member countries from a very Our project portfolio continued to grow. In early stage of the pandemic, setting 2020, the Bank approved 19 loans, adding Our challenges aside a total of USD 10 billion to USD 10.3 billion to our loan book, which support immediate measures and totalled USD 24.4 billion at the end of economic recovery through its 2020, a 63.6% increase over the previous The crisis has also shed light year’s portfolio. on the intricacies of the many Fast-Track Emergency Assistance opportunities and challenges Response Facility. The Bank has leveraged its access to that influence development and finance today: international investors to fund the emergency NDB’s staff team started exploring response programme. In 2020, we made • the digital economy, the possibility of an emergency four public bond issues, including the • connectivity and new loan in February 2020, reinforcing Bank’s first USD bond. Two RMB bonds infrastructure, NDB’s commitment to meet evolving of RMB 5 billion and RMB 2 billion were • the future of work, development challenges. In March 2020, issued, in April and in July respectively, the • the fourth industrial revolution, NDB approved its first COVID-19 loan • persistent inequality, and former constituting the largest bond issue • sustainability. aimed at supporting immediate health by an international institution in China. and social relief measures. Operations The Bank’s first USD bond was issued in NDB has also responded to these were approved for China, India, South June 2020 in the amount of USD 1.5 billion, challenges by entering a new phase Africa and Brazil. In December 2020, followed by the second for USD 2 billion, of organisational development, NDB approved two additional loans for in September 2020. international cooperation and supporting economic recovery in Brazil development outreach. and in India, raising the total amount of As the Bank closed a five-year cycle in COVID-related approved operations to 2020, it was a time to look at and assess USD 6 billion. our journey. It was also a year to draw the lessons learned from the first five years The crisis has also shed light on the to help shape the future of our institution, intricacies of the many opportunities and taking full advantage of the first-hand challenges that influence development knowledge we have gained from and finance today: the digital economy, operating in the five BRICS countries. connectivity and new infrastructure, As a consequence, we have embraced the future of work, the fourth industrial important new initiatives to make the revolution, persistent inequality and institution more relevant, innovative and sustainability. It has reinforced the importance talent-intense. of international cooperation and the challenges of the development community Since July 2020, when I took office as in catering for a future that will require president of the Bank, I have committed skills, institutions and networks different to fulfilling the mandate of mobilising Read more from today’s. NDB has also responded to resources for infrastructure and sustainable these challenges by entering a new phase of organisational development, international Five years in Numbers cooperation and development outreach. NDB’s five year performance at a glance Under the leadership of my predecessor, See page 14 Mr. K.V. Kamath, NDB laid its initial foundations by establishing policies COVID-19 Response programme USD 10.3 bn Read more about NDB’s emergency and procedures in its first five years of operation for the institution to take on Approved loans in 2020 response programme to the global more challenges as demanded by its pandemic See pages 17–22 member countries. The Bank focused on gaining scale and relevance, and the loan Treasury activities book has grown robustly. In 2018, NDB and Risk Management obtained international credit ratings of Find out more about NDB’s treasury AA+ from both S&P and Fitch. The Bank USD 24.4 bn activities and risk management also obtained, in 2019 and 2020, AAA See pages 38–89 international credit rating from the Japan End-2020 portfolio New Development Bank | Annual Report 2020 3 development by building upon our unique sustainable infrastructure including Operations Vice Presidency will support value proposition to the development technology and connectivity and the Bank’s vision of expanding its community. This means relying on the climate change; private sector portfolio; and a new ESG founding members’ spirit of ushering in a Department under the Strategy and Risk greater global role for emerging markets • Leading conversations on development Vice Presidency will reinforce the Bank’s and developing economies by leveraging through international outreach and commitment to environmental and social their dynamism, diversity and international cooperation with initiatives that foster standards that are in line with our members’ cooperation. As an innovative institution, regular interactions between NDB’s teams country systems and will contribute to NDB has to permanently be up to the and thought leaders and further enhance addressing global challenges of combating challenge of being always New. NDB’s role as a cooperation
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