In this article the author focuses on the recently established New Development Bank (NDB) and Asian Infrastructure Investment Bank (AIIB). It identifies two factors of demand for this new model of multilateral development banks (MDBs), namely a lack of infrastructure financing and the aspirations of developing countries for a greater role in the global financial system. The author also compares the NDB and AIIB according to membership, management structure, distribution of capital and votes, and options for attracting capital in the financial market. Based on this comparison, he forecasts the banks’ credit portfolios growth until 2025. The author concludes that both institutions should accumulate and use the best practices of existing MDBs, improve their image to attract investors and actively engage in sharing expertise and co-financing projects with development institutions as well as commercial banks. By doing so, the volume of their operations could reach $40 billion per year in 10 years, which is close to the volume of infrastructure financing provided by major traditional banks, and could contribute substantially to addressing the financing needs of developing countries.