The New Development Bank (NDB) is a newcomer among large international lending institutions. The financial giant was created as an alternative to the US-led World Bank and International Monetary Fund. The NDB has already gained recognition from reputable rating agencies. China’s Chengxin International Credit Rating and Lianhe Credit Rating have given the NDB their highest ranks of AAA. Looking back on the bank’s origin, the idea was proposed by India in 2012. The agreement to establish the NDB was signed by the BRICS countries in July 2014 during the group’s 6th summit in Fortaleza, Brazil. The bank officially started its operations in July 2015. Its initial capitalization is worth $100 billion. The bank aims "to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries".
The NDB expects to obtain the highest grades from other international rating agencies, Governing Board Chairman Anton Siluanov noted. He also serves as Russia’s Finance Minister.
Nowadays, among shareholders are the five BRICS states, Brazil, Russia, India, China, and South Africa. However, the bank is glad to welcome new participants both from advanced and developing countries. The bank is headquartered in Shanghai, China.
