Pakistan has formally requested China’s support for joining the New Development Bank (NDB), formerly known as the BRICS Development Bank. The move aims to increase Pakistan’s access to multilateral development financing and deepen economic ties with China. The request came during a meeting between Finance Minister Muhammad Aurangzeb and China’s Deputy Finance Minister Liao Min in Washington, DC.
The Finance Division said Aurangzeb welcomed increased investment from Chinese companies in key sectors. These include technology, agriculture, minerals, and manufacturing. He also highlighted Pakistan’s commitment to economic reform, pointing to the recently concluded staff-level agreement with the IMF. According to Aurangzeb, this deal reflects international confidence in Pakistan’s economic direction.
Read more: Pakistan poised to secure BRICS membership by 2026
The New Development Bank was founded by the BRICS countries to fund infrastructure and sustainable projects in developing nations. It has since expanded beyond its original members—Brazil, Russia, India, China, and South Africa. Pakistan’s inclusion would mark a significant step in its efforts to diversify sources of international funding and align with emerging economic blocs.
Aurangzeb also updated Liao Min on Pakistan’s progress in issuing a Panda Bond in China’s financial market. He thanked the IMF Executive Director’s Office for its support and invited Liao to visit Pakistan at a convenient time. The meeting underscored growing cooperation between the two countries amid Pakistan’s push to attract more foreign investment.
Read more: Pakistan Likely to Join BRICS by 2026, Opening New Economic Opportunities
Separately, Aurangzeb took part in the World Economic Forum’s Future of Growth Initiative. He emphasized that technology and innovation must serve inclusive and sustainable goals. He shared examples of AI-led solutions—such as satellite imaging in agriculture—that have raised farmer incomes and improved services in developing countries.