The Development Concept in BRICS: An Analysis of Projects Financed by the NDB

Abstract

The article examines the concept of development within the BRICS (Brazil, Russia, India, China, and South Africa) framework and how the New Development Bank (NDB) is used to achieve it.It analyzes BRICS summit documents from 2014 to 2022 and financing projects considered by the NDB from 2016 to 2022. The arguments made are as follows: development has been a top priority within BRICS; development is fundamental for economic growth and strengthening infrastructure; development involves a notion of progress closely tied to sustainability and the “green” concept; and the NDB, despite its commitment to good environmental, social, and governance (ESG) practices, does not ensure them throughout the execution of projects. In the initial years, cooperation among BRICS countries was emphasized as the means to achieve development. The NDB complements this by filling gaps in international financing. Notably, there is a significant number of projects in the transport infrastructure sector, with leadership from India and China, while the social infrastructure sector is marginalized. There is rapid project appraisal dynamic that does not necessarily translate into project implementation and completion. At the same time, the NDB has attracted interest from new members. As long as the NDB can efficiently attract and lend resources to its members and respond swiftly and responsibly to new challenges in an everchanging international context, it will be seen as a significant multilateral development bank that promotes South-South cooperation. As a result of BRICS coordination, the success of the NDB contributes to development financing and positively impacts the relevance and resilience of the grouping in global politics.