CELIOS released a new study examining the role of the New Development Bank (NDB) in development financing, highlighting both its growing strategic importance and the urgent need to strengthen social and environmental protections. Established by BRICS member countries, the NDB formally welcomed Indonesia as a member in March 2025, marking a significant milestone in the country’s engagement with alternative multilateral development finance.
As NDB financing for infrastructure and climate-related projects continues to expand across developing countries, the quality and consistency of its safeguard framework have become increasingly critical. The CELIOS study finds that while NDB has adopted social and environmental safeguards, these frameworks remain broadly defined and highly flexible, creating risks of uneven implementation. This is particularly concerning for high-risk projects with direct impacts on communities and ecosystems, underscoring the need for stronger accountability mechanisms to ensure development financing aligns with social justice and environmental sustainability goals.
