What Next For the Brics Bank?

Abstract

A new development bank to be created by the ‘Rising Powers’ of Brazil, Russia, India, China and South Africa (BRICS) is intended to promote greater cooperation between developing countries, and address what is seen by many as a history of misguidance and underinvestment by the World Bank and the International Monetary Fund (IMF). However, several questions remain about the establishment of the BRICS bank and its potential impact on future development cooperation. The timeframe for its creation is still uncertain and economic and political links between the BRICS countries need to be strengthened in order for them to agree a clear development agenda to underpin the new institution.