The BRICS members state that the New Development Bank (NDB) is not intended to challenge or replace the IMF and the World Bank, though some observers see the NDB and the Contingent Reserve Arrangement as institutions that challenge these Western-dominated institutions.

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The BRICS members have stated that the New Development Bank (NDB) is intended to complement, not challenge or replace, existing international financial institutions like the IMF and the World Bank. However, some observers interpret the creation of the NDB and the Contingent Reserve Arrangement as moves to establish alternatives to the Western-dominated financial system.

The BRICS Members State That the New Development Bank (NDB)