New Development Bank (NDB) – The BRICS Bank! 🧱

Context:

• IMF and World Bank are dominated by USA and Europe.
• Developing countries (BRICS) wanted their own bank.
• Result: NDB was born in 2014 (Fortaleza Declaration).

HQ: Shanghai, China. Members: Brazil, Russia, India, China, South Africa (and new members like UAE, Egypt).

Objectives 🎯

1. Infrastructure Funding: Build roads, ports, and energy plants in developing nations.
2. Sustainable Development: Focus on Green Energy.
3. Alternative: Reduce dependence on World Bank/IMF.

Key Features 🌟

• Equal Voting: Unlike World Bank (where USA has veto), in NDB, all 5 founding members have Equal Vote. No one country dominates.
• Local Currency Financing: NDB lends in Rupees, Yuan, etc. (Not just Dollars). This reduces exchange rate risk.

Quiz Time! 🎯

💡 Final Wisdom: "NDB is not just a bank; it's a statement. It says 'We don't need Washington to build our roads anymore'." 🛣️

Next up: NDB Features & Membership - Deep Dive! 🏊‍♂️