"The role of the BRICS New Development Bank (NDB) during COVID-19 has validated the original rationale to create a new multilateral development bank... As the COVID-19 pandemic rapidly spread from Wuhan in Hubei province to surrounding regions, the Chinese Government turned to the newest multilateral development bank, the BRICS New Development Bank (NDB) for support. Within weeks of the loan approval, the NDB disbursed $1bn to Hubei, Henan and Guangdong, the three most affected provinces in China. This loan, the single largest of the Bank to date, was earmarked to provide financial support for unplanned emergency health expenditure related to the fight against COVID-19....In 2008 for example, when few financial institutions were lending during the global financial crisis, it was the multilateral development banks which significantly increased their lending.... Under usual circumstances, it can take several months for loans to be disbursed for an infrastructure project. Disbursements for COVID-19 related assistance were made as bullet payments within three to four weeks after the loans were approved.... To date, the Bank approved and largely disbursed $4bn, which comprised of a $1bn COVID-19 response loan each to China, Brazil, India and South Africa. The full $10bn to be allocated during 2020 represents additional development assistance which would not have been available if the NDB was not created five years ago."