New Development Bank
a.k.a. NDB, BRICS Bank
A development bank set up by the BRICS countries to fund infrastructure, seen as an alternative to the World Bank.
The New Development Bank (NDB) was created by Brazil, Russia, India, China and South Africa (the BRICS) and opened its doors in 2015, headquartered in Shanghai. It lends money for roads, power plants, water systems and other big projects in member and developing countries.
It is partly a political statement: emerging economies building their own version of the World Bank, where the US and Europe have traditionally held the most sway. It also lends in local currencies, which feeds into debates about de-dollarization.
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