Xi Jinping Backs BRICS Bank's Growth as Key Driver for Global South Economies

Chinese President Xi Jinping underscored BRICS’ New Development Bank (NDB) as a crucial emerging force in the global financial system during discussions with NDB President Dilma Rousseff. He emphasized that the NDB, spearheaded by BRICS nations, embodies the growing leadership of developing economies and stands as a golden symbol of Global South cooperation. Xi advocated for greater Global South influence in international financial reforms, highlighting the necessity to safeguard the rights and modernization efforts of developing countries. He also reaffirmed China’s dedication to protecting its national interests while supporting global unity. Holding a strong AA+ credit rating, the bank has greenlighted 98 projects totaling over $33 billion across sectors like clean energy, transport, water management, and urban development. The Global South’s ascent marks a pivotal contribution to global peace and governance.