The new development bank BRICS

The New Development Bank BRICS (Brazil, Russia, India, China, South Africa) is a financial institution of the countries with the largest market potentials in the globalized world. The official multilateral cooperation of Brazil, Russia, India, China and South Africa is of recent date, and dates back to 2009, or, more precisely, to 2011 when South Africa officially joined this block. The cooperation in the field of economy and industry is the primary motive of the cooperation. In addition to economic and industrial cooperation which covers the widest range of trade, from finance to general business cooperation, within BRICS the cooperation has been also established in the fields of agriculture, science and technology, safety, health policy, protection and insurance, as well as in the field of statistics and the academic community. The highlight of the short-term, five-year cooperation is the establishment of a multilateral financial institution - the New Development Bank BRICS. The bank was founded according to the model of the existing global and regional banks, but without the dominant position among the members.