The International Legal Aspects of the Establishment and Operation of the New Development Bank (NDB) as an Alternative System Beyond the Dominance of Bretton Woods

Muhammad Alikanmuda; M. Rofid Nadhil Septino; Muhammad Abiyyu

doi:10.38035/sijal.v2i4.306

Authors

Muhammad Alikanmuda Süleyman Demirel Üniversity, Isparta Belediyesi, Turkey
M. Rofid Nadhil Septino Universitas Riau, Riau, Indonesia
Muhammad Abiyyu Universitas Riau, Riau, Indonesia

DOI:

https://doi.org/10.38035/sijal.v2i4.306

Keywords:

Alternative, Development, Financing, Legal, System

Abstract

This paper examines the international legal dimensions of the establishment and operation of the New Development Bank (NDB), founded by the BRICS countries as an alternative to the Bretton Woods financial institutions (the IMF and the World Bank). The analysis focuses on the legal foundations of the NDB’s creation, its institutional legal status, and the legal principles that distinguish it from Western institutions, such as sovereign equality, non-conditionality, and development-oriented lending. By examining the Articles of Agreement of the NDB and comparing it with the Bretton Woods institutions, this article demonstrates how the NDB seeks to shape a more egalitarian and legally just international financial governance system.

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