The New Development Bank (NDB) of the BRICS countries has become a new force in the global financial system. This was stated by President of the People's Republic of China Xi Jinping during a meeting with NDB President Dilma Rousseff.
“The New Development Bank is the first multilateral development institution founded and led by developing economies and emerging market countries“, Xi Jinping was quoted as saying by China Central Television. “It has become a new force in the international financial system and a golden sign of cooperation for the global South.“
The Chinese leader called for strengthening the voice of the global South in the discussion on reforming the international financial architecture, protecting the legitimate rights and interests of developing countries and supporting them on the path of modernization.
The collective rise of the global South has become an important milestone in maintaining world peace, promoting common development and improving global governance, the Chinese leader said.
Xi Jinping pointed out that China's development is based on hard work, and the country will firmly safeguard its legitimate rights and interests, as well as the common interests of the international community.
The New Development Bank was established by the BRICS countries based on an intergovernmental agreement signed at the 6th BRICS summit in Fortaleza in July. 2014. The aim is to finance infrastructure projects and sustainable development projects in the BRICS countries and developing countries. The bank has received international credit ratings at the AA+ level from Fitch Ratings and S&P Global Ratings. Over the years of its operation, the bank has approved 98 projects worth a total of over USD 33 billion in the transport, energy, construction, digital and social sectors.