In fact, NDB can play a major constructive role in developing economies as the bank is willing to provide long-term finance to non-BRICS emerging economies.
“The New Development Bank will definitely spur the growth process among the BRICS countries. Since the basic objective of the NDB is the funding of infrastructure projects, I think it is very essential as BRICS countries like India and Brazil need support to build its infrastructure. Besides that, the New Development Bank can also help in integrating the BRICS economies. Further it could promote trade and investment among the BRICS countries. NDB came into existence during the Russian chairmanship of BRICS and I think Russia can play a major role in shaping the bank,” Bhalchandra Mungekar, noted economist and Member of Parliament told Sputnik.
