Xi Jinping Visits New Development Bank, Boosts BRICS Cooperation
On April 29, Chinese President Xi Jinping made a significant visit to the New Development Bank (NDB) in Shanghai, meeting with President Dilma Rousseff and reaffirming China’s commitment to the institution. This visit marks a new chapter in Xi’s efforts to strengthen BRICS cooperation and promote the development of the Global South.
A Pioneering Initiative for the Global South
The NDB’s reelection of President Rousseff was met with congratulations from Xi Jinping. This pioneering initiative unites and empowers the Global South. Notably, the NDB is the world’s first multilateral development institution established and led by emerging markets and developing countries. This conforms to the historical trend of reforming and improving global governance, he emphasized. Meanwhile, by 2025, the NDB has already made significant strides, approving over 80 projects and providing over $20 billion in loans. As a result, it has become a key player in global development.
High-Quality Development and Infrastructure Financing
During his visit, Xi Jinping encouraged the NDB to prioritize high-quality, low-cost, and sustainable infrastructure financing. Next, he emphasized the need to tailor services to the Global South’s development needs. Furthermore, the president stressed that the bank must improve its management and operations. Additionally, he urged the implementation of more technology and green finance projects. He also highlighted the importance of bridging the digital divide and accelerating green and low-carbon transformation in developing countries. As the global economy shifts towards sustainable development and green infrastructure in 2025, this approach becomes increasingly crucial.
Amplifying the Voice of the Global South
During discussions on international financial architecture reform, Xi Jinping urged the NDB to take action. Specifically, the bank must amplify the Global South’s voice. Additionally, it must safeguard the region’s legitimate rights and interests. Furthermore, the NDB should support its member countries in their pursuit of modernization. This approach aligns with the bank’s mission to provide financing for infrastructure and sustainable development projects in its member countries.
China’s Commitment to the New Development Bank
As the host country, China will continue to support the New Development Bank’s (NDB) operations and development, reaffirmed President Xi Jinping. China will strengthen project cooperation, focusing on green, innovative, and sustainable development, and share its experience with other member countries through the bank. By 2025, China has already invested heavily in green infrastructure, making it a key partner for the NDB.
Meanwhile, the president’s visit to the NDB marks a new era of cooperation between China and the Global South. The bank’s focus on sustainable development and green infrastructure will significantly impact the region’s economic growth and development. As the NDB grows and expands, it is clear that China will remain a key partner in promoting development and cooperation in the Global South.
Source: Xinhua