The NDB idea was proposed in 2011 by the Nobel Laureate Joseph Stiglitz, and it initially encountered the same cynicism as the AIIB. The five BRICS countries (Brazil, Russia, India, China, South Africa) were not deterred, however, and finally converted intention into reality in 2014. Progress on the NDB inspired the AIIB initiative intellectually, and also provided some momentum for the AIIB’s launch in 2013.
The relative lack of attention given to the NDB compared to the AIIB is understandable. Geopolitically, the AIIB is about the China-US relationship, the most important bilateral relationship in the Asia Pacific and perhaps the world. However, it would be a mistake to assume that the NDB’s slower progress is a signal that there is no place for it.
Source: The Interpreter/ Ye Yu