Given that the Bretton Woods system has often resulted in misguidance and underinvestment in the developing world, it is perhaps not surprising that talk of a development bank financed by five giants of the emerging world has been welcomed. Despite the reservations of the Asian Development Bank and a few others, it seems reasonable to hope that the proposed BRICS bank will address the needs of developing countries, without the customary concern about what donors stand to gain. It could also allow small and medium enterprises easier access to financing and redress some of the wariness the private sector often displays towards financing infrastructural projects where the benefits are uncertain. READ MORE