Since its inception in 2015, the New Development Bank has been seen as an alternative to the World Bank. The Shanghai-headquartered bank is seen as the first major BRICS achievement after the group came together in 2009 to press for a bigger say in the post-World War II financial order created by Western powers.The NDB has a capital base of $100 billion and is tasked with financing infrastructure and sustainable development projects in BRICS countries. In its five years of operation, the bank has approved nearly $15 billion worth of loans for projects in Brazil, Russia, India, China and South Africa.The NDB has been praised for its focus on financing much-needed infrastructure projects in developing countries. However, some critics argue that it lacks transparency and accountability mechanisms to ensure that funds are used efficiently and effectively. Nonetheless, the NDB represents an important step forward for emerging economies seeking greater representation at global financial institutions.
