Chapter 8: Notes on the Performance of the New Development Bank¹

The New Development Bank (NDB) was established by BRICS to address the need for a new balance in the global financial order. It is primarily composed of developing economies and initially lacked Western presence. The NDB was envisioned as a bank from and for the Global South, promoting green initiatives and adopting a noninterventionist approach, which led to high expectations for its performance. However, after it began operations, our analysis revealed that the NDB has encountered operational limitations. Our evaluation followed three steps: discussing the creation and expectations of the NDB, analyzing its funding policies and performance, and presenting future challenges. The NDB was evaluated by considering its Articles of Agreement, General Strategy, Annual Reports, and a comparison with the Asian Infrastructure Investment Bank's performance.