#BRICS: ‘ NDBank to Replace Western Financial Institutions such as IMF & World Bank ‘

#AceFinanceNews – Featured Update:June.28: The NDB bank is expected to become an alternative to Western-dominated financial institutions, such as the IMF and the World Bank.

The BRICS New Development Bank (NDB) idea was proposed in 2011 by the Nobel Laureate Joseph Stiglitz, and despite cynicism in the beginning the five BRICS countries (Brazil, Russia, India, China, and South Africa) were not discouraged.

While Beijing’s Asian Infrastructure Investment Bank (AIIB) has won overwhelming support overtime, it was the NDB that served as inspiration to the AIIB initiative, providing momentum for AIIB’s launch in 2013.

One of the resolves of the BRICS countries is getting money back from the Western banking system to finance their own infrastructure and development, and enhancing the resilience of their financial systems.

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