A new development bank, an old dream coming true

At the recent summit of major emerging economies called the BRICS (B for Brazil, R for Russia, I for India, C for China, and S for South Africa), they announced the establishment of a new development bank and fund, in order to have an alternative to the old-order World Bank and the IMF (International Monetary Fund). These institutions have served the world’s financing needs, especially in the areas of development and crisis management, since post-war times.