New Development Bank: Brics’ multilateral lender has established itself but has a long way to go
After about a decade of operations, the Shanghai-based NDB has outstanding loans of only around $22 billion, compared to its paid-up capital of $10 billion. Unlike established MDBs, it has mobilized remarkably little lending relative to that capital. The World Bank, by comparison, had paid-in capital of just $23 billion in June 2025 and loans outstanding of about $280 billion, apart from $231 billion of IDA lending.
