Assessing the role of the BRICS Development Bank and the Asian Infrastructure Investment Bank in transforming the system of multilateral development banks[Оценка Роли Нового Банка Развития Брикс И Азиатского Банка Инфраструктурных Инвестиций В Трансформации Системы Многосторонних Банков Развития]

This study presents a comparative analysis of the mechanisms of raising capital, operational instruments and conditions for project support offered by the NDB, AIIB and "traditional" multilateral development banks, and makes an attempt to assess the trajectory of the new banks’ development and their role in the transformation of the global financial system. Despite the fact that the new development banks have quickly overcome the period of formation (the NDB has approved 26 projects worth USD 6.5 billion and AIIB – 31 projects worth USD 27.8 billion with an AIIB contribution of USD 6.2 billion), the needs of developing countries and emerging markets, where the deficit of infrastructure investment exceeds USD1 trillion, pose a challenge of accelerating financing and attracting private investment. The study presents the analysis of the possibilities for expanding the loan portfolios of the new development banks, mobilizing private investment, and strengthening their role in the system of multilateral development banks (MDBs). Besides, recommendations are made to strengthen Russian influence in the NDB and AIIB.