WASHINGTON: Pakistan has formally requested China’s support for its bid to join the New Development Bank (NDB) and has expressed appreciation for the growing investments from Chinese firms in pivotal sectors of the Pakistani economy.
The development occurred during a meeting between Pakistan’s Finance Minister, Muhammad Aurangzeb, and China’s Deputy Finance Minister, Liao Min, on the sidelines of meetings in Washington. According to an official statement issued on Friday, Minister Aurangzeb formally sought the allied nation’s endorsement for Pakistan’s NDB membership.
“The minister sought China’s support for Pakistan’s membership in the NDB and welcomed enhanced investment from Chinese enterprises in key sectors including information and communication technology, agriculture, industry, and minerals,” the statement detailed.
The NDB is a multilateral financial institution founded by the BRICS nations—Brazil, Russia, India, China, and South Africa. Its primary objective is to fund infrastructure and sustainable development projects in emerging markets and developing countries.
This move follows a decision by Pakistan’s Economic Coordination Committee (ECC) in February, which approved the purchase of capital shares in the bank totaling $582 million. This investment includes $116 million in paid-in capital.
According to a statement from Pakistan’s Finance Division at the time, the ECC endorsed the country’s membership in the BRICS-established bank and approved the acquisition of 5,882 capital shares.
Pakistan had previously applied for membership in the BRICS bloc itself in November
