Abstract
Back in 2014, the BRICS created their New Development Bank (NDB), a new multilateral development bank geared to fund sustainable infrastructure in emerging and developing economies. This chapter maps out the key institutional, governance, and lending innovations pragmatically brought by the NDB, while critically locating those innovations in the longue-durée of development finance landscape and the re-emergence of South–South Cooperation. It argues that the Bank has yet to take on the knowledge and political challenges of institutional engineering and experimentation to develop ambitious thinking and robust institutional mechanisms to deal with the economic, social, and environmental development imperatives of financing sustainable infrastructure in the Global South.
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Acknowledgements
This chapter is based on a paper presenter presented by the authors first in September 2017, in the 2nd BRICS Governance Forum (Fudan University, Shanghai) and then in a graduate and scholars’ forum meeting at the Center of International Politics and Economics (NEPEI-USP) at the University of Sao Paulo (Brazil). We thank all those who have commented on the previous versions during this process. The authors are also grateful to Conectas Human Rights for the support provided to the elaboration of this chapter. All remaining errors and omissions remain ours.
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Waisbich, L.T., Borges, C. (2020). The BRICS’ New Development Bank at the Crossroads: Challenges for Building Development Cooperation in the Twenty-First Century. In: Puppim de Oliveira, J.A., Jing, Y. (eds) International Development Assistance and the BRICS. Governing China in the 21st Century. Palgrave Macmillan, Singapore. https://doi.org/10.1007/978-981-32-9644-2_7
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