Building a new development bank, brick by BRICS

BRICS leaders at the recently concluded BRICS summit in Brazil, where they announced the establishment of the New Development Bank. Photo by: Romério Cunha / CC BY

After much debate, Brazil, Russia, India, China and South Africa — often referred to as BRICS — finally announced last week the establishment of a “new development bank” that hopes to rival the strength and influence of the World Bank.

Meeting in its sixth summit in Fortaleza, Brazil, the bloc’s decision to give birth to the new financial institution not only signals a shake up in the international development scene, but also underlines the growing prominence of new and emerging donors. There’s already a lot of buzz in India about the creation of a South Asian Development Bank. More details are coming out on China’s planned Asian Infrastructure Investment Bank as well, which is reportedly causing quite a stir at the Asian Development Bank, currently the region’s sole multilateral development institution.

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About the authors

  • Lean 2

    Lean Alfred Santos

    Lean Alfred Santos is a former Devex development reporter focusing on the development community in Asia-Pacific, including major players such as the Asian Development Bank and the Asian Infrastructure Investment Bank. He previously covered Philippine and international business and economic news, sports and politics.
  • Ravelo jennylei

    Jenny Lei Ravelo

    Jenny Lei Ravelo is a Devex Senior Reporter based in Manila. She covers global health, with a particular focus on the World Health Organization, and other development and humanitarian aid trends in Asia Pacific. Prior to Devex, she wrote for ABS-CBN, one of the largest broadcasting networks in the Philippines, and was a copy editor for various international scientific journals. She received her journalism degree from the University of Santo Tomas.