New Development Bank to usher in new golden decade of high-quality development: bank president

SHANGHAI, April 30 (Xinhua) -- Dilma Rousseff, president of the New Development Bank (NDB), has said that the multilateral financial institution, with the important support of Chinese President Xi Jinping, will usher in a new golden decade of high-quality development.

Rousseff made the remarks following President Xi's visit to the bank in Shanghai on Tuesday.

Headquartered in Shanghai, the NDB was established in 2014 by Brazil, Russia, India, China, and South Africa, and officially began operations in 2015. Its mission is to mobilize resources for infrastructure and sustainable development projects in BRICS member nations and other emerging-market economies and developing countries.

The great support from President Xi has been essential for the bank, said Rousseff, noting that the past 10 years has been a "golden decade" for the bank's expansion and development.

Over the past decade, the NDB has approved 120 projects with a total loan amount of around 40 billion U.S. dollars, providing financing support for member countries in a wide range of fields, including infrastructure, clean energy, environmental protection, and digital infrastructure.

While meeting with Rousseff, Xi noted that the bank is the world's first multilateral development institution established and led by emerging-market and developing countries, and is a pioneering initiative for the unity and self-improvement of the Global South.

In response, Rousseff said the bank will remain true to its original aspiration, and contribute to promoting the development of emerging-market and developing countries.

Shanghai, a city that epitomizes modernity and innovation, has provided a favorable environment for the NDB's operations. The bank will give full play to digital tools such as artificial intelligence and big data to evolve into a new type of multilateral development bank for the 21st century, she told the press.

Rousseff, a former Brazilian president, praised China for its firm commitment to safeguarding the interests of the Global South, its strong support for multilateralism, its unwavering defense of international fairness and justice, and its active promotion of building a community with a shared future for humanity in today's volatile world. Enditem