Moscow: BRICS New Development Bank (NDB) is a fairer monetary system than IMF and it provides equitable opportunities, a top Zimbabwean academics said.
“The BRICS New Development Bank (NDB) provides more flexible and supportive terms than the International Monetary Fund (IMF)”, Kudzai Dominic Chiwenga, Associate Professor at the University of Zimbabwe told Russia Today in an interview.
Kudzai Dominic Chiwenga, who is also the Founder and Chairman of the NPC Zimbabwe-Russia Youth Foundation, said the NDB was designed to provide a “fairer system” for member nations and other developing countries.
Chiwenga further said the BRICS bank could provide more equitable financial support and serve as a “breath of fresh air” for countries looking for alternatives to traditional global financial institutions. “It’s an open-door policy that is open to other countries,” he added.
Headquartered in Shanghai, the NDB or New Development Bank was founded in July 2015 by the BRICS nations – Brazil, Russia, India, China, and South Africa – to mobilize resources for infrastructure and sustainable development projects in the bloc and other emerging markets.
As part of its expansion, the bank welcomed Bangladesh, Egypt, the United Arab Emirates, and Uruguay as new members in 2021. In September 2023, Algeria was also granted membership.
The BRICS development bank and the Contingent Reserve Arrangement are seen as a counterweight to the Western-dominated financial organisations, the World Bank and the International Monetary Fund.
Back in 2012, the BRICS countries also signed pacts promoting intra-BRICS trade in national currencies, and actually started working in the currencies of respective countries instead of US Dollar in what they called "de-dollarization of economic ties between them."
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