Revolutionising global development financing

By Sizo NkalaThe establishment of the BRICS New Development Bank (NDB) in 2015 was a manifestation of a significant power shift in the international system from the West to the emerging market countries like China, Brazil and India and perhaps the clearest signal of the commitment of the countries to reform the international financial system which they had argued was biased against developing countries. Its coming into existence was historical in the sense that it demonstrated the resolve of leading Global South countries to challenge the dominance of Western countries in international…