The new BRICS Development Bank receives China's support

China intends to consistently support the development and work of the BRICS New Development Bank (NDB), Chinese President Xi Jinping said during a visit to its headquarters in Shanghai. 

According to Xi Jinping, China, as the host country, will promote the activities of the NDB, strengthen project cooperation, and pay attention to environmental, innovative and sustainable development. He stressed China's willingness to share its experience of economic growth with the bank's members and provide more international public goods.

The Chinese leader noted that the NDB should take into account the interests of the countries of the «global South» by providing affordable, high-quality and stable financing for infrastructure projects.

The creation of the bank was approved in 2013 at the Durban Summit. A year later, an agreement was signed in Fortaleza, and full-fledged activity began in 2015 in Moscow. The main task of the NDB is to finance infrastructure and sustainable development projects in the BRICS countries and other developing countries.