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by ORF Online/Shubh Soni

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by ORF Online/Shubh Soni

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BRICS New Development Bank

The initial response to the five nations-Brazil, Russia, India, China, South Africa-coming together can be best described as dismissive. Many a commentator argued that the five countries, which have little in common (and in fact have a range of disagreements), could not do what was achieved post the WW-II at Bretton Woods. Post the 2014 summit at Fortaleza however, such claims were conquered with the member nations successfully agreeing to the establishment of the New Development Bank (NDB).

After the announcement, the attack from the international community shifted from the incapability to organize, to the lack of capacity of the NDB to replace the World Bank or the IMF. It is here however that the pessimists miss the entire point. The New Development Bank (NDB) has two objectives.

Available: http://www.orfonline.org/cms/sites/orfonline/modules/analysis/AnalysisDetail.html?cmaid=87201&mmacmaid=87202 

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