Establishing the New Development Bank as an integrating mechanism for the BRICS countries

Abstract

The establishment of the New Development Bank institute within the framework of the political
union of the BRICS countries provides for integration opportunities using investment instruments without
the participation of dominant western financial institutions. In addition, the emergence of a new institution
consolidating the interaction of the intensively developing economies of the BRICS countries undoubtedly
influences the reform of the unipolar structure of the traditional structures of the World Bank. Taking into
account the prevailing preconditions for the creation of new integration associations and the needs of developing
economies not only in additional investment inflows, but also in making strategic decisions and participating in
the distribution of resources, the institution of the New Development Bank within the political association of the
BRICS countries is a mechanism that can eliminate the existing imbalance in world politics, and also represents
a quite profitable alternative for diversifying the sources of financing the economies. The article describes the
prerequisites for establishment, the principles of activity and the demand for the investment and financial
mechanism of the New Development Bank, taking into account integration prospects and the expansion of
BRICS.