Study On Development Strategy Of BRICS Development Bank Based On SWOT Analysis

On July15,2014, the sixth summit in Brazil, BRICS (Brazil, Russia, India,China, South Africa) adopted the "Declaration of Fortaleza". The long-awaitedBRICS Development Bank was officially inaugurated accompanied by the ContingentReserve Arrangement (CRA). The establishment of the BRICS Bank attracted abroadattention. It was considered to be an important breakthrough in the internationalfinance and economic cooperation.Currently, there is a huge gap in infrastructure funding in developing countriesand emerging economies. Loans from international financial institutions can not meettheir greater demand. Most of the existing international financial institutions aredominated by United States and European countries. Developing countries in thosesystems lack of voices and their appeal failed to arouse widespread concern. BRICSDevelopment Bank is a multilateral financial institution without the leading ofdeveloped countries. It is intended to provide an investment and financing platformfor developing countries and emerging economies so as to promote the construction ofinfrastructure and sustainable development. Meanwhile, BRICS Development Bankwill help deepen cooperation among BRICS countries in economic and financialfields. It will help enhance the voice of developing countries in the global financialsystem, thus promoting the reform of the current international financial system.As a new organization, BRICS Development Bank is double-edged. From oneside, it is supported by the majority of developing countries and will help enhance thevoice in the international financial institutions. On the other side, BRICS lack ofrelevant experience and is not mature by now. This article was first proposed SWOTAnalysis from multiple perspectives to analyze the Development Strategy of theBRICS Bank, including Strengths, Weaknesses, Opportunities and Threats. Therefore,suggestions about the future Development Strategy of the BRICS Bank are putforward.