ABSTRACT
This chapter highlights the rise of the New Development Bank (NDB) as an alternative finance support mechanisms for developing countries. A rationale for the formation of the BRICS NDB and its role in development issues is presented. A critical analysis of the involvement of institutional stakeholders vis-à-vis trade-offs in raising finance for the NDB as well as institutional challenge to the Bretton Woods institutions is presented. The areas posing challenges to the Bretton Wood institutional framework are mainly Western dominancy, unfair representation, lack of transparency, lack of accountability, and issues of loan conditionality. Most importantly are the reforms the NDB presents in the global finance space.
