Archive · 6 Sep 2026
BRICS New Development Bank Expands Development Finance Beyond Western Institutions
The New Development Bank is a development bank created by BRICS countries.
It was agreed upon in 2014 and began working in 2015.
Its headquarters are in Shanghai, China.
The bank lends money for projects such as railways, roads, clean energy, water systems, and housing.
It also works with countries beyond the original BRICS members.
By the end of 2025, it had approved $42.9 billion for 139 projects.
The bank gives developing countries another option besides institutions such as the World Bank and IMF.
It also helps countries borrow and raise money in their own currencies.
This can reduce their need to take loans in US dollars.
The New Development Bank was established through the 2014 Fortaleza Declaration and began operations in 2015.
Headquartered in Shanghai, the bank finances infrastructure and sustainable-development projects in BRICS and other developing countries.
The bank has approved $42.9 billion for 139 projects since its inception, with 115 projects in its portfolio at the end of 2025.
Its investments include transport, energy, water and sanitation, urban infrastructure, affordable housing, and logistics.
The bank supports local-currency lending and fundraising to reduce borrowers’ dependence on US dollar loans.
- Who
- The New Development Bank, established by Brazil, Russia, India, China, and South Africa, serves BRICS and other developing countries.
- What
- The bank finances infrastructure and sustainable-development projects and supports lending in local currencies.
- When
- It was established through the 2014 Fortaleza Declaration, began operations in 2015, and had 115 projects in its portfolio at the end of 2025.
- Where
- The bank is headquartered in Shanghai, China, and finances projects in BRICS and other developing countries.
- Why
- It was created to provide additional development finance, support sustainable infrastructure, and reduce reliance on Western institutions and US dollar-denominated loans.
- Headquarters
- Shanghai, China
- Establishment
- 2014 Fortaleza Declaration
- Operations began
- 2015
- Approved financing
- $42.9 billion since inception
- Approved projects
- 139
- Portfolio at end of 2025
- 115 projects
- Main sectors
- Transport, energy, water and sanitation, urban infrastructure, affordable housing, and logistics