ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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BRICS Bank Future Hinges on Governance

The New Development Bank promoted by the BRICS grouping is an idea whose time has come. It will be small in relation to the Bretton Woods institutions but it can still reduce developing country dependence on the existing institutions and turn out to be an alternative source of development finance to both the members of BRICS and other developing countries. Its success, however, will depend on the quality of oversight and governance at the new bank.

The leaders of Brazil, Russia, India, China and South Africa (BRICS), meeting in Fortaleza in Brazil, got together in a circle to clasp hands for the trademark “photo-op” that is typical of such summits. They did not come away empty-handed. The New Development Bank (NDB), conveniently described as the BRICS bank, will come into being two years after the idea was set in motion at the BRICS summit in India. For the bank to become operational will take another two years though.

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