(Ecofin Agency) - The BRICS bank, established in 2015 as an attempt to reshape the global financial landscape set by the Bretton Woods agreements, is eyeing to issue a total of $5 billion in loans in 2024. The New Development Bank (NDB), created by the BRICS group (Brazil, Russia, India, China, and South Africa), aims to support member countries as well as other emerging and developing economies, as stated by Zhou Qiangwu, the vice president of the institution, on March 26.

Despite operational hiccups during the epidemic, activities have now normalized, Zhou remarked during an Asian integration forum in Boao, China. The Shanghai-based BRICS bank strives to pool resources for infrastructure and development projects in BRICS nations and other developing economies.

This move is seen as a challenge to the traditional global financial system established by the Bretton Woods agreements, offering an alternative to the IMF and the World Bank, which have been criticized for not adequately representing the increasing significance of the BRICS countries. These countries account for over 40% of the global population and 26% of the world's GDP.

Furthermore, as of January 2024, five new countries—Saudi Arabia, Iran, Egypt, the United Arab Emirates, and Ethiopia—have joined the BRICS, indicating a shift towards increasing global influence.