Chinese President Xi Jinping visited the Shanghai headquarters of the New Development Bank (NDB) on Tuesday, underscoring China's commitment to strengthening multilateral cooperation in Asia's financial landscape. The move highlights growing efforts to bolster sustainable development and infrastructure financing across emerging economies.
During the visit, Xi met with NDB President Dilma Rousseff, former leader of Brazil, to discuss the bank's role in advancing projects aligned with the United Nations’ Sustainable Development Goals. Established by BRICS nations in 2015, the NDB has approved over $30 billion in loans for renewable energy, transportation, and digital infrastructure projects across Asia and beyond.
The Shanghai-based institution has become a key platform for financing green initiatives, with 40% of its recent loans directed toward climate-related programs. Analysts suggest Xi's visit signals China's intent to deepen partnerships with developing nations, particularly as Asian economies seek alternatives to traditional Western-dominated financial systems.
Rousseff emphasized the NDB's expansion plans, including increasing local currency lending to member countries to reduce exchange rate risks. This strategy aligns with Beijing's push to internationalize the yuan while addressing regional infrastructure gaps.
