The evolution of New Development Bank (NDB): A decade plus in the making
FPI Senior Fellow Gregory Chin has guest-edited a special section in the June 2024 issue of Global Policy, bringing together ten articles on "The Evolution of the New Development Bank: A Decade Plus in the Making". In his introduction to the special section, Dr. Chin writes:
Nearly one decade after the official opening of New Development Bank in July 2015, and more than two decades since Jim O'Neill coined the term ‘BRICs’, it is an optimal time to assess the growth and evolution of the BRICS-led Bank. […] In addition to highlighting the key contributions of each article in this Special Section, this Introduction briefly discusses, first, the achievements of NDB during its first decade, second, the evolving research agendas and scholarly debates on NDB, and third, the subtle shifts in the focus, goals and agenda of the Bank from its initial establishment to the current period as NDB enters its second decade.
An article by Dr. Chin and Rifat D. Kamal, “Bangladesh and New Development Bank (NDB): Accession and after, money and more”, examines Bangladesh's membership in the New Development Bank and compares it with its role in other international financial institutions.
In this article, we examine how Bangladesh went about joining NDB, focusing especially on the geopolitics and diplomacy between Bangladesh and the key NDB founding members (i.e. key BRICS governments) which supported Bangladesh's entry; why Bangladesh joined NDB, the main motivations or interests and how NDB membership is turning out for Bangladesh after acceding to the Bank, what are Bangladesh and the Bank actually doing together, are they realising the main opportunities as intended or are outcomes not as intended? If results are not as intended, how and why? Finally, throughout the analysis, we assess how Bangladesh's membership in NDB compares to its multi-decade memberships in the World Bank, Asian Development Bank (ADB), Islamic Development and its relations with the other new China-supported multilateral bank, Asian Infrastructure Investment Bank (AIIB)?