A new financial architecture is being set up by the BRICS that promises transition to new poles of growth and demand, and offers an alternative financing mechanism to developing and emerging economies. The decision to launch a BRICS Development Bank is an expression of concern by the five countries with the existing institutions of Bretton Woods and the corresponding disappointment to address some of their key demands. It may well turn out to be the push that is needed to reform the international financial architecture. The BRICS countries wish the new bank to mobilize funding for infrastructure and sustainable development projects in BRICS and other emerging and developing countries. The intention is to promote greater cooperation while removing dependency on the developed world.
