- Definition: A multilateral development bank.
- Established in 2015, headquartered in Shanghai.
- Established by Brazil, Russia, India, China, and South Africa (BRICS).
- Why Established:
- To finance infrastructure and sustainable development projects.
- In BRICS and other emerging economies and developing countries.
- To complement the efforts of existing multilateral and regional financial institutions.
- To contribute to global growth and development.