The New Development Bank (NDB), or BRICS Bank, was established in 2015 as an alternative to the International Monetary Fund and World Bank.
Developmental projects
The NDB is the leading financier for developmental projects in emerging markets and developing countries.
The NDB has to date approved twelve projects in South Africa, valued at around US $5.4 billion, to improve service delivery in critical areas.
In late 2021, the NDB welcomed Bangladesh, Egypt, the United Arab Emirates and Uruguay as new members, firmly positioning the bank as a preferred global financing mechanism for emerging markets and developing countries.
WATCH: New Development Bank
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In March this year, former Brazilian president Dilma Rousseff was elected NDB president.
Rousseff has a unique perspective as former BRICS Chair in 2014 when leaders signed the agreement to establish the Bank in Fortaleza, Brazil.
She will also deliver her maiden speech to BRICS leaders at this year’s summit.
Rouseff’s address comes amid the global South’s intention to move emerging nations away from the current Western-aligned financial systems and de-risk their economies and institutions from over-dependence on a single currency.
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