Attention all members of the global development community: there’s a new player in town.
After almost three years of negotiations, senior officials from the world’s five largest emerging economies Brazil, Russia, India, China and South Africa — collectively known as the BRICS — finally unveiled Tuesday a new multilateral bank.
Called the New Development Bank, the body is seen as a potential rival to the influence of long-standing institutions such as the World Bank and the International Monetary Fund, among others.