BEIJING: The “New Development Bank”, backed by the so-called emerging BRICS nations Brazil, Russia, India, China and South Africa, has been viewed as a challenge to Washington-based institutions.
The NDB’s website explicitly describes it as an “alternative to the existing US-dominated World Bank and International Monetary Fund” which will address needs for infrastructure and sustainable development.
The bank says on its website that it will have authorised capital of $100 billion, with $50 billion paid in initially.
