New Development Bank (NDB) President Dilma Rousseff expressed gratitude to Chinese President Xi Jinping for his unwavering commitment to the bank’s growth during Xi’s visit to the NDB headquarters in Shanghai this week. The Chinese leader lauded the institution as "a pioneering initiative for the unity and self-improvement of the Global South" and congratulated Rousseff on her recent reelection as president.
In an interview with China Media Group, Rousseff described the meeting as a "great success," noting Xi’s instrumental backing in advancing the NDB’s mission. Established in 2015 by Brazil, Russia, India, China, and South Africa (BRICS), the multilateral bank has expanded its portfolio to fund over 100 infrastructure and sustainable development projects worldwide, with China playing a key role in its governance and financing frameworks.
The visit underscored the NDB’s evolving role in reshaping development finance, particularly for emerging economies. Analysts highlight the bank’s focus on climate-resilient projects and local-currency lending as steps to reduce reliance on traditional Western-dominated institutions.
