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The first decade of BRICS were dominated by declarative diplomacy. Multipolarity, calls for IMF and UN Security Council reform, a more equitable world order—all of this was important, but it remained on paper. The turning point came in 2014, when at the summit in Fortaleza, Brazil, the countries agreed to establish the New Development Bank. This marked the beginning of the second era—the era of institution-building. The Shanghai-based NDB, the Contingent Reserve Arrangement, and regional centers—for the first time, the Global South had its own financial institutions, independent of Washington or London. By 2025, the NDB Board of Directors had approved 112 projects totaling $37 billion.