The article reveals the main stages of formation of New Development Bank (NDB), its strategic peculiarities and activity areas, opportunities and existing challenges to achieve the aims concerning promotion of interests of developing countries in the international financial system, including reforms of international financial institutions. The analysis shows that during the decade of its existence NDB turned into fully functional financial institute with its own management bodies, a strong financial profile (credit rating AA+ from Standard and Poors). All this allows the bank to attract long-term financing on global capital markets. The bank also has a wide range of borrowers in the field of infrastructure projects and sustainable development. The core principle of NDB’s organizational and management system is the equal contribution in capital that means the equal voice rights of the founding countries plus "agreement by consensus". The analysis held by the authors demonstrates that this principle can cause both positive as well as negative consequences. For example, it can lead to disagreements between member countries concerning credit policy. The problem can be solved only via a trade-off. Being the new and special development bank, NDB at the same time has to consider economic reality he operates in. The research proves that today NDB is a part of international financial community. The bank aims to cooperate with other MDBs. Nevertheless, NDB actively supports the question of reforming the existing world financial institutions, including IMF, World Bank and other MDBs to promote the principles of equality and justice at the global level. Bank’s loyalty to its own strategies and principles allows to consider NDB as a financial institute, that is alternate to other MDBs. Of course, now NDB cannot replace all other MDBs. Alternativeness here means a demonstration of possibility to achieve more equal and fair approach to international financial relations. Such approach meets the interests of the majority of countries in the world. That’s why it’s evident that despite many challenges the role of NDB in world financial system will increase.