The New Development Bank (NDB), commonly referred to as the BRICS bank, has commenced operations. This multilateral development bank aims to mobilize resources for infrastructure and sustainable development projects in BRICS countries and other emerging economies.

Objectives and Focus

The NDB’s primary objectives include:

• Funding infrastructure projects
• Promoting sustainable development
• Strengthening financial cooperation among BRICS nations
• Supporting economic growth in emerging markets

Membership and Governance

The founding members of the NDB are Brazil, Russia, India, China, and South Africa. The bank operates with a governance structure that reflects the equal partnership among the member countries.

Impact and Future Prospects

The establishment of the NDB is expected to have a significant impact on the global financial landscape by providing an alternative source of funding for development projects. It also signifies the growing influence of BRICS nations in shaping the international economic order.