China is spearheading the advancement of the Global South through the New Development Bank (NDB), a cornerstone of the BRICS cooperation framework. Established in 2014 and headquartered in Shanghai, the NDB was founded by Brazil, Russia, India, China, and South Africa with the mission to mobilize resources for infrastructure and sustainable development projects across BRICS member nations and other emerging market economies.
By the end of 2023, the NDB had approved over 100 projects in all member countries, channeling approximately $35 billion into initiatives that safeguard economic development and enhance the global economic governance system. These projects range from building critical infrastructure to promoting sustainable growth, significantly impacting the prosperity of the Global South.
At the BRICS Plus leaders' dialogue in Kazan, Russia, Chinese President Xi Jinping highlighted the pivotal role of the Global South's collective rise. \"The collective rise of the Global South is a distinctive feature of the great transformation across the world,\" Xi emphasized. He urged nations in the Global South to harness their collective wisdom and strength, taking responsibility for building a community with a shared future for mankind.
The NDB's efforts not only reinforce economic stability within BRICS nations but also contribute to a more balanced and inclusive global economic landscape. As the Global South continues to grow, initiatives like those led by the NDB are essential in fostering sustainable development and equitable progress worldwide.
Reference(s):
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