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During the 2010s, a number of new multilateral development banks (MDBs) were established, including the BRICS (Brazil, Russia, India, China, and South Africa) New Development Bank (NDB) and the China-led Asian Infrastructure Investment Bank (AIIB). In 2010, China had proposed establishing a Shanghai Cooperation Organization (SCO) development bank. However, progress made toward establishing an SCO development bank has been minimal. This article identifies key factors influencing whether efforts to establish a new MDB are successes or failures by studying the failed attempt to establish an SCO development bank and contrasting it with the successful foundations of the NDB and the AIIB. It thus contributes to a better understanding of the drivers, the difficulties, and the challenges of these new MDB initiatives.