The New global Development Bank (NDB) founded in 2014 by the BRICS opened for business in 2016. It is the first of a cascade of South-led multilateral institutions in the field of Development Financing - including the recent Chinese-led Asian Infrastructure Bank (AIIB) - that epitomizes emerging powers willingness to engage in global institution-building. This research proposes to track down the exact conditions of emergence of the NDB, and to systematically assess its claim to be an innovative alternative to the existing Bretton Woods regime.