At its launch almost a decade ago, the BRICS nations’ New Development Bank (NDB) was celebrated as a chance for countries across the Global South to break free of the US-dominated IMF and World Bank and rewrite the rules of financing global development. But while the number of nations signed up to the NDB has almost doubled since its founding, critics say that the BRICS bank is making many of the same mistakes as the institutions it was supposed to replace.
<!-- wp:html --><p>At its launch almost a decade ago, the BRICS nations’ New Development Bank (NDB) was celebrated as a chance for countries across the Global South to break free of the US-dominated IMF and World Bank and rewrite the rules of financing global development. But while the number of nations signed up to the NDB has almost doubled since its founding, critics say that the BRICS bank is making many of the same mistakes as the institutions it was supposed to replace.</p><!-- /wp:html -->