ISAS Insights

The Wikipedia has a new entry: NDB. The term featured on the Wikipedia within a few hours of its taking birth. This would surely have been one of the fastest entries in the Internet Encyclopedia . For the uninitiated, the NDB is the New Development Bank, formerly referred to as the BRICS Development Bank. After being discussed for quite a few years, and amidst growing s cepticism that it would never see the light of the day, the NDB was the first ‘un finished’ business the BRICS Heads of State and Government took up in their meeting last week at Fortaleza in Brazil. The NDB was formed with an initial authori sed capital of US$ 100 billion and an initial subscription capital of US$ 50 billion.