New Development Bank

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New Development Bank
NDB
 

Founding States ( BRICS )
English name New Development Bank
Seat of the organs Shanghai , China
Chair Kundapur Vaman Kamath (President)
Member States 5 :

BrazilBrazil Brazil Russia India People's Republic of China South Africa
RussiaRussia 
IndiaIndia 
China People's RepublicPeople's Republic of China 
South AfricaSouth Africa 

founding

15th July 2014

ndb.int
Logo at the headquarters in Shanghai with flags of the member countries

The New Development Bank ( German  New Development Bank ), formerly BRICS Development Bank is a multilateral development bank , which on 15 July 2014 the BRICS Brazil , Russia , India , China and South Africa as an alternative to the existing institutions World Bank and International Monetary Fund was established. It is primarily intended to finance development projects and infrastructure within the five BRICS countries, which in 2014 could account for more than 3 billion inhabitants or around 41 percent of the total world population and 25 percent of the global gross domestic product. In addition, the BRICS states hold $ 2,800 billion, which corresponds to 42% of the world's foreign exchange reserves.

Its establishment was announced on the 70th anniversary of the Bretton Woods Agreement , which created both the International Monetary Fund and the World Bank . Developing countries in particular are critical of the International Monetary Fund's lending policy to date . B. Brazil (with about the same economic power) only has around a third of the French voting rights in the IMF and this situation is unlikely to change in the long term.

The heads of state of the BRICS countries in Brisbane , November 15, 2014

The bank is headquartered in Shanghai, China . In addition, a branch for the African continent was set up in Sandton , South Africa .

In contrast to the World Bank , which is based on the shares held, each member state of the NDB has a single vote.

The bank is expected to have $ 50 billion in credit for infrastructure projects including: B. for the Chinese trade and infrastructure project “ One Belt, One Road ” (OBOR). In addition, a special reserve ( Contingency Reserve Arrangement ) of 100 billion dollars is to be set up, which is composed of the deposits of the five member states as follows:

The member states can draw on the special reserve in the event of economic turbulence.

The Russian parliament ratified the founding of the NDB in March 2015, followed by ratification by the Chinese in July 2015. In India and Brazil, the parliaments still have to give their approval. Finally, membership of Greece was considered.

Individual evidence

  1. ↑ Brics: New Development Bank starts work , by Alexej Timofejtschew, RBTH, July 9, 2015
  2. ↑ wsj.com
  3. ↑ project-syndicate.org
  4. ↑ http://www.wallstreet-online.de/nachricht/6978219-brics-new-development-bank-alternative-iwf-weltbank
  5. ↑ http://www.economist.com/news/finance-and-economics/21607851-setting-up-rivals-imf-and-world-bank-easier-running-them-acronym
  6. ↑ http://rt.com/op-edge/174320-west-brics-new-development-bank/
  7. ↑ Contact details ndb.int (English), accessed on July 31, 2019
  8. ↑ peoplesdemocracy.in
  9. ↑ english.pravda.ru
  10. ↑ China Manager The largest investment program in the world - manager magazin . In: manager magazin . ( manager-magazin.de [accessed on May 19, 2018]).
  11. ↑ Putin signs law on ratification of $ 100 billion BRICS New Development Bank deal nzz.ch, July 16, 2014, accessed July 17, 2014
  12. ↑ China ratifies the creation of BRICS bank , accessed July 5, 2015
  13. ↑ BRICS-Bank takes shape. nzz.ch, July 16, 2014, accessed on July 17, 2014
  14. ↑ Greece is considering membership of BRICS-Bank spon.de, accessed on May 13, 2015