A new answer to global development challenges

The New Development Bank of BRICS that was launched in Shanghai on Tuesday is by no means a challenge to the existing international financial system.

Instead, the multi-billion dollar development bank initiated by the BRICS members, Brazil, Russia, India, China and South Africa, is a much-needed complement to the International Monetary Fund and World Bank.

By focusing on financing infrastructure projects mainly in its member countries, at least in the early stages, the NDB will give a considerable boost to the growth of the BRICS countries, the main driving force of global growth over the past decade.