The BRICS group is still young as an organization, but has already proven its effectiveness. Brazil, Russia, India, China, and South Africa are coordinating their policies on key international issues ever more closely, and are playing an active part in shaping a multipolar world order and developing modern models for the world’s financial and trading systems.
The newly-established New Development Bank (NDB) in Shanghai, which was formerly known as BRICS Development Bank, is working towards achieving sustainable infrastructure growth and inking partnerships with various financial institutions in India and other emerging economies
‘Only one of these institutions sounds like a new bank’. That was the conclusion of one attendee at the Think20 Conference in Shanghai in February after a session featuring four international financial institutions: the Asian Infrastructure Investment Bank (AIIB), the New Development Bank BRICS (NDB), the Asian Development Bank, and the OECD