BRICS bank approves $33B for Global South development
Chinese President Xi Jinping has expressed support for the continued expansion of the BRICS-backed New Development Bank, positioning it as an important mechanism for advancing the interests of developing nations in the international financial system.
In a recent meeting with NDB President Dilma Rousseff, Xi stated that the bank “embodies the growing leadership of developing economies” and serves as a “golden symbol of Global South cooperation.”
He called for increased influence of the Global South in global financial reforms and reiterated China’s support for protecting the rights and modernisation goals of developing countries.
According to the bank’s records, the NDB has so far approved 98 projects totaling more than $33 billion.
These projects span sectors including clean energy, transportation infrastructure, water resource management, and urban development.
Xi’s comments align with a broader strategic focus on elevating the role of Global South economies in shaping future global governance.
He emphasised the need to maintain unity while also safeguarding national interests, stating China remains committed to both its development agenda and the strengthening of international cooperation.
The New Development Bank currently holds a credit rating of AA+, which supports its ability to finance large-scale infrastructure and development initiatives.
Founded by BRICS nations—Brazil, Russia, India, China, and South Africa—the bank aims to provide financial support to member states and other developing countries.
During his exchange with Rousseff, Xi framed the bank’s role as central to promoting peace and stability through economic development.
“The Global South’s ascent marks a pivotal contribution to global peace and governance,” he said.
The bank continues to expand its portfolio and outreach within the broader Global South.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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