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BRICS New Development Bank | Brown Political Review


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By Paula Martinez Gutierrez, September 24, 2014The New Development Bank seems to offer a more equal voting power: Each BRICS nation has contributed $10 billion to the lending fund and consequently each nation will have an equal say on the allocation of the money and the approval of loans. This effort to maintain an equal-share voting basis of the member countries is an appealing alternative from the Bretton Woods institutions’ policies, and has been applauded by many. although the currency has not been officially announced yet, many believe that the New Development Bank’s loans will be given in Renminb

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