WASHINGTON-UNS: Islamabad has sought Beijing’s support for its membership in the New Development Bank (NDB) and expressed appreciation for increased investments from Chinese companies in agriculture, industry, minerals, and other key sectors in Pakistan.
The development came as Finance Minister Muhammad Aurangzeb met Chinese Deputy Finance Minister Liao Min in Washington, and formally sought the friendly country’s backing for the NDB membership, according to an official statement issued on Friday.
“Mr Aurangzeb 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 read.
The NDB is a multilateral development bank established by Brazil, Russia, India, China and South Africa (Brics) with the purpose of mobilising resources for infrastructure and sustainable development projects in emerging markets and developing countries (EMDCs).
In February this year, the Economic Coordination Committee (ECC) had approved the purchase of capital shares worth $582 million in the NDB, with $116 million as paid-in capital.
According to the Finance Division’s statement, the ECC approved Pakistan’s membership in the NDB, established by Brics member countries, and endorsed the purchase of 5,882 capital shares, amounting to $582 million, with $116 million as paid-in capital.
Pakistan had also applied for Brics membership in November 2024.
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In the same meeting, the finance minister also briefed Liao Min on the recently concluded staff-level agreement (SLA) with the International Monetary Fund (IMF), terming it an external validation of the government’s ongoing economic reform agenda.
