The New Development Bank (NDB), established by BRICS nations in 2015, is poised to redefine the global financial landscape as it enters its second decade of operation, according to Jiang Tianjiao, associate director of the Center for BRICS Studies at Fudan University. In an interview with CGTN's Lily Lyu, Jiang emphasized the bank's growing influence as a strategic partner for development in the Global South.
"The NDB has evolved into more than just a funding mechanism – it's becoming a core engine for systemic change," Jiang stated, highlighting the institution's focus on infrastructure modernization and sustainable growth. With over $30 billion in approved projects across emerging economies, the bank is challenging traditional financial paradigms through its emphasis on local currency financing and digital innovation.
Analysts note the NDB's unique position in addressing the $1.5 trillion annual infrastructure gap in developing nations. Its recent expansion to include new member states and innovative financing instruments has drawn attention from both policymakers and investors seeking alternatives to Western-dominated financial systems.
As the bank prepares for its next phase, Jiang predicts increased collaboration with Asian markets and diaspora communities, particularly in green energy and smart city initiatives. This development comes as economic alliances in the Global South account for nearly 40% of global GDP growth, according to World Bank estimates.
