ESTABLISHMENT OF NDB AND AIIB: SHIFTING ECONOMIC BASE FROM WEST TO EAST – ANALYSIS ( Source- The Eurasian review/ Author- Hari Bansh Jha)
Image credits- Flickr/ The Presidency of South Africa Source- The Eurasia review Author- Hari Bansh Jha The recently established New Development Bank (NDB) by BRICS member countries and Asian Infrastructure Investment Bank (AIIB) by 21-member Asian countries with their headquarters in China herald a shift in economic power from the West to the East. It is speculated that these two monetary institutions would dwarf the size of West-supported World Bank (WB) and the Asian Development Bank (ADB). Only time will tell how NDB and AIIB emerge as alternative source of funding in the international financial market. But it has almost become certain that the era of West’s control over the international financial resources has started eroding. The first jolt to the international financial institutions like the WB and IMF was exhibited when the five BRICS countries, including Brazil, Russia, India, China and South Africa made an agreement for the establishment of the long awa