On April 29, 2025, H.E. Xi Jinping, President of the People’s Republic of China, visited the New Development Bank (NDB) Headquarters in Shanghai.
President Xi Jinping was warmly welcomed by H.E. Mrs. Dilma Rousseff, NDB President, four Vice-Presidents of the Bank and its staff.
President Xi Jinping congratulated Mrs. Dilma Rousseff on her re-election as President of NDB and noted that the Bank is the world’s first multilateral development institution established and led by emerging markets and developing countries.
In his remarks, President Xi Jinping called the Bank “a pioneering initiative for the unity and self-improvement of the Global South,” and said that it conforms to the historical trend of reforming and improving global governance. During the meeting, President Xi Jinping said that the NDB “is the first multilateral development institution initiated and led by emerging markets and developing countries, and that it has grown over the past decade into an emerging force in the international financial system and a symbol of South-South cooperation.” He added that, “as BRICS cooperation enters a phase of high-quality development, NDB is ready to embark on its second golden decade.”
President Xi Jinping called on NDB to always consider the development needs of the Global South, and to provide more high-quality, low-cost and sustainable infrastructure financing.
The Bank needs to improve its management and operations, implement more technology and green finance projects, and help developing countries bridge the digital divide and accelerate green and low-carbon transformation, said President Xi Jinping.
In discussions on the reform of international financial architecture, NDB should amplify the voice of the Global South, safeguard the legitimate rights and interests of the Global South, and support the countries of the Global South in their pursuit of modernization.
President Xi Jinping noted that as the Bank’s host country, China will always support the operations and development of the New Development Bank. China is willing to strengthen project cooperation with the Bank and focus on green, innovative and sustainable development to achieve more results, he added.
China is also willing to share its development experience through the NDB with other member countries and stands ready to provide more international public goods, said President Xi Jinping.
In her remarks, President Dilma Rousseff expressed her gratitude to China for its enduring strong support for the NDB.
NDB President noted the remarkable development achievements under the leadership of President Xi Jinping, highlighting China’s important role in enhancing global governance. She also emphasized that, in a world marked by turbulence, the Chinese Government protects the interests of the Global South, supports multilateralism, and upholds international fairness and justice, setting an example for the international community. She also commended China’s open approach to technology cooperation, offering important opportunities for the Global South.
President Dilma Rousseff emphasized that the NDB remains strongly committed to its guiding principles and mandate, consistently contributing to sustainable development of all member countries.
NDB President stated that the Bank has already approved more than 120 investment projects, totaling USD 40 billion, focused on logistic and digital infrastructure as well as social infrastructure, such as water supply and sanitation, investments in education, health, and housing — “crucial for improving the quality of people’s lives”. She stressed that NDB is committed to action against climate change, support energy transition, prevention and mitigation of natural disasters. Another goal is to transform NDB in a truly 21st century bank by adopting the newest AI, and Big Data technology.
Strengthening the use of local currency has become a distinguishing feature of NDB. Currently, 31% of the financing projects are carried out in member countries’ currencies.
In this sense, NDB President also mentioned that the Bank is the largest issuer of Panda Bonds — the name given to Chinese currency-denominated bonds issued by non-Chinese institutions — which have already totaled 68.5 billion yuan. “We are expanding this strategy to other local capital markets, supporting our partners in reducing currency mismatch risks, strengthening their local capital markets, and utilizing currency swaps,” said NDB President.
