As the sun rises over the bustling city of Shanghai, the towering headquarters of the New Development Bank (NDB) stand as a testament to the collaborative spirit of the BRICS nations. Founded in 2014 by Brazil, Russia, India, China, and South Africa, the NDB embodies practical cooperation—a foundation upon which the BRICS mechanism has been built.
Over the years, the NDB has become a beacon of support for infrastructure and sustainable development projects, not only within BRICS member countries but also across emerging market economies and developing nations. By the end of 2023, the bank had approved over 100 projects totaling approximately $35 billion, safeguarding economic development and contributing to a more robust global economic governance system.
During the recent BRICS Plus leaders’ dialogue in Russia’s Kazan, Chinese President Xi Jinping highlighted the significant role of the Global South in shaping the future. “The collective rise of the Global South is a distinctive feature of the great transformation across the world,” he remarked.
President Xi urged Global South countries to leverage their collective wisdom and strength. “We must stand up to our responsibility for building a community with a shared future for mankind,” he emphasized, calling for unity and cooperation among developing nations.
China’s active role in advancing the development of the Global South is evident through its support of the NDB and participation in BRICS initiatives. By fostering economic growth and enhancing collaboration among developing countries, China aims to promote a more equitable and inclusive global governance system.
Reference(s):
cgtn.com
