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BRICS New Development Bank turns four: what has it achieved? The fourth anniversary of the NDB is a timely moment to pause and reflect on what it has achieved and key challenges it faces, and to consider its next steps Here’s a potted history The bank was established in July 2015 by the BRICS countries (Brazil, Russia, India, China and South Africa) The aim of the bank is to mobilize funding for infrastructure and sustainable development It’s
New Development Bank | World Economic Forum The New Development Bank (NDB), formerly known as the BRICS Development Bank, is a multilateral development bank operated by the BRICS states (Brazil, Russia, India, China and South Africa) The bank aims to foster greater financial and development cooperation among the five emerging markets
What is ‘new’ about the New Development Bank? The NDB and other new institutions such as the AIIB are contributing to closing this funding gap As opposed to being competitors or rivals, the World Bank and others are viewed as partners in development The second misconception is the notion that the BRICS more broadly and the NDB in particular are just China-led and dominated clubs
As the BRICS New Development Bank turns two, what has it achieved? The NDB’s emerging business model has three distinctive features It is symbolically significant that in the day-to-day management and governance of the bank, the five member states have an equal share
Leslie Warren Maasdorp | World Economic Forum BA in Economics and Psychology, University of the Western Cape; MSc in Economics, School of Oriental and African Studies, University of London Over the past 25 years, has occupied senior leadership roles in both private and public sectors Served in several senior leadership roles in the Government of South Africa: 1994, after the transition to democracy, appointed as Special Adviser to the
China’s Belt and Road Initiative turns 10. Here’s what to know This fall marks ten years since Chinese President Xi Jinping announced the Belt and Road Initiative, the vast infrastructure project that China devised to boost trade and connectivity across Asia, Europe and Africa
Why changes need to be made to the international economic order The AIIB and the NDB are headquartered in Beijing and in Shanghai, respectively They have fewer resources than the World Bank – $100 billion for the AIIB and $50 billion for the NDB, compared to $200 billion for the World Bank – but they are big enough to finance significant infrastructure projects in the region