Set up in 20l5 as an alternative to the World Bank, the Shanghai-headquartered New Development Bank (NDB) is seen as the first major BRICS achievement after the group came together in 2009 to press for a bigger say in the post-World War II financial order created by Western powers.
The bank aims to address a massive infrastructure funding gap in the member countries, which account for almost half the world’s population and about a fifth of global economic output.
Vincent Nyagaka is a Professional Trader, Analyst & Author. He has been actively engaged in market analysis for the past 7 years. He has a monthly readership of 100,000+ traders and has taught over 1,000 students since 2014. Vincent is also an experienced instructor and public speaker. Check out Vincent’s Professional Trading Course here.