BRICS Launches New Development Bank (NDB) in Bid to Reduce Dollar Dependence

The BRICS grouping, made up of Brazil, Russia, India, China, and South Africa with new members joining over time, created the New Development Bank to give emerging economies a fresh source of funding that does not always rely on the United States dollar. The bank was formally set up in 2015, it is headquartered in Shanghai, and it finances infrastructure and sustainable development across the Global South.