Press ReleaseNDB Board of Directors Convened its Second Strategic Retreat and 48th Meeting in Shanghai

On September 14, 2025, the Board of Directors ("Board") of the New Development Bank ("NDB" or "Bank") conducted its Second Strategic Retreat ("Retreat") at the Bank's Headquarters in Shanghai, focusing on reflection on the latest development of global issues and repercussion on NDB's operations, as well as innovative financing instruments. Following this Retreat, the Board together with the Senior Management visited two Chinese AI companies located in Shanghai, namely Agibot and SenseTime.

On September 17, 2028, the Board concluded its 48^th Meeting.

Serra da Palmeira Wind Power Project

The Board of Directors approved a loan of RMB 1,400 million to China Three Gorges Brasil Energia S.A. (CTG Brasil) to finance construction and operation of the 648 MW wind power project at Serra da Palmeira in the state of Paraíba in Brazil.

Serra da Palmeira Wind Power Project will contribute to the expansion of Brazil's renewable energy capacity to meet the rising electricity demand and reduce reliance on hydro-electric power. The Project will also contribute to avoidance of CO₂ emissions associated with usage of thermal power plants during periods of electricity deficit.

Upon completion, the Project is expected to generate 2,100 GWh of renewable energy electricity per year, with avoidance of 700,000 tons of CO₂ emissions annually. Additionally, as of July 2025, the Project created over 1,500 direct jobs during the construction phase.

Serra da Palmeira Wind Power Project will contribute primarily towards United Nations Sustainable Development Goals (SDG) 7 - Affordable and Clean Energy and SDG 13 - Climate Action.

Greener Shanghai Project

The Board of Directors approved an RMB-denominated loan of up to USD 100 million equivalent to the Shanghai Rural Commercial Bank Co., Ltd. (SHRCB), a commercial bank in Shanghai, China. This Loan will enable SHRCB to finance sub-projects in Shanghai in the sectors of clean energy, environmental protection and green digital infrastructure.

The Project is expected to contribute towards increasing installed sources of renewable energy to cater for clean energy needs in Shanghai, enhancing urban waste management and promoting a circular economy by improving treatment capacity and encouraging resource recycling and reuse, and accelerating the city's digital transformation in an energy-efficient manner.

Greener Shanghai Project will primarily contribute to SDG 9 on Industry, Innovation and Infrastructure. Additionally, the Project could contribute to SDG 7 - Affordable and Clean Energy, as well as SDG 11 - Sustainable Cities and Communities.

BNDES-NDB Sustainable Infrastructure Project

The Board approved sub-projects under the BNDES-NDB Sustainable Infrastructure Project in water and sanitation, renewable energy, transport and logistics, and gas distribution sectors in Brazil.

Operations

The Board approved the revised Policy on Financial Management and Financial Analysis, and Economic Analysis of Projects. The Board further discussed ongoing project implementation, from the perspectives of disbursements, procurements and ESG. An update on the NDB's robust project pipeline was provided to the Board.

Treasury and Finance

The Board was briefed on the Bank's funding activities during Q2 2025 and took note of the analysis of the Bank's funding mix.

The Board also provided its recommendations on the Bank's non-sovereign loan pricing parameters and the potential JPY sovereign variable spread loan pricing.

Membership Expansion

The Board of Directors was updated on the ongoing expansion of the Bank's membership and provided its guidance for the next steps.

Committee Meetings

The 36^th Meeting of the Audit, Risk and Compliance Committee was held on September 15, 2025. The Committee reviewed Condensed Financial Statements of the New Development Bank for the six months ended June 30, 2025, and Condensed Financial Statements of the Project Preparation Fund of the New Development Bank for the six months ended June 30, 2025. The Committee discussed matters pertaining to risk management, compliance and internal audit.

The 32^nd Meeting of the Budget, Human Resources and Compensation Committee was held on September 16, 2025. The Committee deliberated on issues pertaining to budget, independent evaluation, business planning, human resources, and ethics.