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The five fast-growing economies, known collectively as BRICS, have recently announced their intention to create their own development bank. The so-called BRICS Bank will be the first world multilateral development bank controlled solely by emerging economies. This paper asks whether the new bank has the potential to bypass the World Bank, destabilizing the current development finance framework. Specifically, if the BRICS Bank project succeeds, what are the possible scenarios for the field of development cooperation? To map these scenarios, we propose a typology of practices in development finance, drawing from operations of the World Bank and national development banks in Brazil and China. Assuming that the BRICS Bank is likely to adopt one of the practices currently used by Brazil or China, we speculate about the outcomes of the interaction between the BRICS Bank and the World Bank and their respective practices. Acknowledging that it is still uncertain what these outcomes will be, in part due to the uncertainties regarding how the BRICS Bank will operate, this paper provides a map of possible scenarios.

The BRICS Banks potential to challenge the field of development cooperation

The BRICS Banks potential to challenge the field of development cooperation