The New Development Bank (NDB), founded by the BRICS countries in 2014, can become a leading player in the field of international development cooperation. The organizational policy and strategic goals of the NDB highlight the priority of investing in infrastructure, transport and energy sectors, which implies a significant impact of these projects not only on the environment, but also on the economic and social well-being of the local population in beneficiary countries and regions. The article is aimed at developing a deeper understanding of the NDB’s approach to the concept of «sustainable development» reflected in international documents, including the Sustainable Development Goals (SDGs) formulated by the United Nations (UN) in 2015. The article provides the analysis of the environmental and social policy of the NDB and considers the reflection of this policy in the implementation of the investment projects and strategies. As a result, the assessment of the quality and possible consequences of the planned investments will help to determine the approach of the NDB to sustainable development.