BRICS bank future hinges on governance

Abstract

The New Development Bank promoted by the BRICS grouping is an idea whose time has come. It will be small in relation to the Bretton Woods institutions but it can still reduce developing country dependence on the existing institutions and turn out to be an alternative source of development finance to both the members of BRICS and other developing countries. Its success, however, will depend on the quality of oversight and governance at the new bank.