New Development Bank (NDB) was put forward on 20 12. The purpose is that since the financial crisis, BRICS countries plan to establish a financial safety net to avoid being affected by currency instability in the next financial crisis, and they can use this pool of funds to exchange some foreign exchange for a rainy day.
Emergency reserve arrangement is an initiative put forward by China, mainly to solve the short-term financial crisis of BRICS countries. It is a rescue mechanism, not a profit mechanism. The emergency reserve arrangement is more symbolic. The economies of China and India remain strong. Even if the development of BRICS countries slows down, it is three times higher than the growth rate of the United States.