The BRICS-led Development Bank: Purpose and Politics beyond the G20

The BRICS-led Development Bank: Purpose and Politics beyond the G20

This article examines why the BRICS Development Bank is being created and the role it will play in the global economy and world development. After describing some of the critical needs that are driving the formation of this new multilateral development bank, I discuss how the creation of the BRICS bank is linked to failures among traditional funders to deliver on their commitments, especially in terms of infrastructure investment. This article also outlines the national interests that each BRICS country has in the BRICS bank, and the main challenges that the BRICS countries are facing in transforming this idea into reality.

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