&imwidth=800&imheight=600&format=webp&quality=medium "BRICS 2026: Twelve years after Fortaleza, inside Shanghai’s NDB bank")
The 18th BRICS Summit will be held in New Delhi under India’s 2026 chairmanship from 12–13 September. It is expected to bring together the bloc’s 11 members, partner countries and outreach invitees. So, with just a few days left for the summit to kickstart, we take a look at the New Development Bank established by the BRICS countries.
Establishment of NDB
Headquartered in Shanghai, China, the bank was established through the2014 Fortaleza Declaration with the aim of financing infrastructure and sustainable-development projects in BRICS and other developing countries. It started its operations in 2015.
Its Initial members were Brazil, Russia, India, China, and South Africa but NDB has admitted additional members beyond the original BRICS countries
Reducing dependence on Western institutions
The bank provides loans for projects such as transport, energy, water, sanitation, and urban development. Promoting sustainable development, renewable energy, supporting climate-resilient infrastructure, are some of the environmentally friendly areas where the bank works.
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One of the major benefits for BRICS nation is the reduced dependence on Western institutions. It gives emerging economies an additional source of development finance alongside institutions such as the World Bank and IMF.
According to the data available, since its inception in 2015, the bank has made a total approval of $42.9 billion, approved 139 projects and had 115 projects in its portfolio at the end of 2025.
Metros, railways, roads, logistics infrastructure, clean energy and energy efficiency, water and sanitation, urban infrastructure and affordable housing are the major sectors NDB has invested in.
Role of NDB in supporting local currencies
NDB supports the use of local currencies by helping BRICS countries in giving them loans and raising funds in the currencies of its member countries. This is vital as it reduces dependence of BRICS nations on the US dollar. This reduces the need for borrowers to take dollar-denominated loans.
NDB has expanded beyond the original five BRICS members. But compared with the World Bank's scale and global reach, NDB remains considerably smaller. I
