The new BRICS bank, which is expected to start lending in 2016, will have a regional office in South Africa. Sub-Saharan Africa has huge infrastructure and developmental challenges and the new bank, established by developing countries, is expected to have a better understanding of these challenges than western-led institutions. On a different level, however, the BRICS actions can be seen as a challenge to the Bretton Woods system and an attempt to create a new world order, with emerging economies assuming global leadership.
BRICS bank eyes needs of developing countries
An article written on the BRICS bank for The Financial Times by Akshay Mathur, Head of Research, Gateway House,was quoted in an article in The China Post. The article looks at the many advantages a BRICS bank will have for developing countries