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The Latest Breaking News from New Development Bank

Pakistan wants a seat at the BRICS table. What stands in its way?

Pakistan formally applied for BRICS membership in 2023 and sought Russia’s backing, but its bid has yet to succeed. While Islamabad could count on China’s support and later bought a $580 mn stake in the BRICS-backed New Development Bank, India’s position has emerged as the key hurdle to Pakistan’s entry.

The Economic Times

Nigeria’s Brics partnership: economist outlines potential benefits

During its 16th annual summit in Kazan, Russia, Brics – a group of emerging economies determined to act as a counterweight to the west and to whittle down the influence of global institutions – invited Nigeria and eight other countries to join it as “partner” countries. Nigeria formally accepted the…

The Conversation

Algeria joins the BRICS New Development Bank

Algeria has been approved for membership in the BRICS New Development Bank (NDB), the country's finance ministry has announced.

Radio France Internationale

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How the BRICS nations failed to rebuild the global financial order

At its launch almost a decade ago, the BRICS nations’ New Development Bank (NDB) was celebrated as a chance for countries across the Global South to break free of the US-dominated IMF and World Bank and rewrite the rules of financing global development. But while the number of nations signed…

France 24

BRICS Bank Eyes Cutting Dollar Reliance With Local Currency Loans

A deliberate attempt by the Shanghai-based New Development Bank to reduce dependency on the US is to offer loans.

Zenger

BRICS ministers put on show of strength as Putin arrest warrant looms large

BRICS foreign ministers on Thursday asserted their bloc's ambition to rival Western powers but their talks in South Africa were overshadowed by questions over whether Russia's president would be arrested if he attended a summit in August.

Reuters

Brazil's Lula takes swipe at IMF and World Bank on China trip

Brazilian President Luiz Inacio Lula da Silva has praised the Shanghai-based New Development Bank (NDB) on his trip to China, saying it "frees emerging countries from submission to traditional financial institutions". The NDB was created by the BRICS group and is headed by his predecessor Dilma Rousseff. Meanwhile in Washington,…

France 24

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Brazil's Lula wants former President Rousseff to run New Development Bank

Brazilian President Luiz Inacio Lula da Silva confirmed he will appoint former President Dilma Rousseff to head the New Development Bank (NDB) when there is a vacancy, Lula said on Thursday referring to the institution the BRICS group of emerging economies established.

Reuters

Egypt to Join the New Development Bank within Weeks

Egypt is moving forward with the procedures of officially joining the New Development Bank (NDB), which was established by the BRICS countries to enhance cooperation in infrastructure and sustainable development. The Egyptian parliament is scheduled to officially discuss the final procedures for Cairo to join the Bank in the coming…

Asharq Al-Awsat

How BRICS' New Development Bank can improve transparency and accountability

The New Development Bank, which was formed in July 2014, marks its eighth birthday this year. It was formed by the leaders of Brazil, Russia, India, China and South Africa (BRICS) when they met in Fortaleza, Brazil for the bloc’s summit. The bank was seen as a potential alternative to…

The Conversation

South Africa and international financial institutions: a liaison group could recalibrate relations

Since the onset of the COVID pandemic in 2020, South Africa has borrowed a total of about US$7 billion (about R106 billion). The money has come from the International Monetary Fund, the New Development Bank, the African Development Bank, and the World Bank.

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