ABSTRACT
Financial and economic issues were among the key items on the agenda of the BRIC group of Brazil, Russia, India and China, and have remained so since South Africa joined to form the BRICS. The New Development Bank (NDB) has the potential to become not only a political initiative but also an instrument for addressing common BRICS issues. The BRICS countries are not the only borrowers and members of multilateral development banks. Multilateral financial institutions are an important part of the global financial architecture. They finance development and sustainability and provide technical assistance and advisory services to the member countries. The key multilateral financial institutions are the World Bank, the Asian Development Bank, African Development Bank, Inter-American Development Bank, and the European Bank for Reconstruction and Development. In addition, the BRICS can determine lending conditions, in contrast to the International Monetary Fund and the World Bank, and even establish its own system of financing for development.
