ISLAMABAD: Pakistan has stepped up its diplomatic efforts to join the New Development Bank (NDB), a key financial institution backed by the BRICS nations, with Finance Minister Muhammad Aurangzeb formally requesting China’s support for the move during a meeting with Chinese Deputy Finance Minister Liao Min in Washington, DC.
The NDB, founded by Brazil, Russia, India, China, and South Africa, plays a central role in funding infrastructure and sustainable development projects across emerging economies. Islamabad hopes that joining the bank will help unlock fresh financial opportunities and deepen Pakistan’s integration into global development frameworks.
According to government sources, Pakistan has already received approval from the Economic Coordination Committee (ECC) to purchase $582 million worth of shares in the NDB, with $116 million set aside as paid-up capital. This pre-emptive move signals Islamabad’s readiness to take a more active role in the BRICS-led economic ecosystem.
During the meeting, Aurangzeb also urged Beijing to expand its investments in Pakistan’s key growth sectors — including agriculture, technology, mining, and manufacturing — as part of Islamabad’s broader strategy to stabilize its economy and create jobs. He further updated his Chinese counterpart on Pakistan’s recently concluded staff-level agreement with the IMF, framing it as evidence of ongoing reform and fiscal discipline.
Analysts believe China’s endorsement could be crucial for Pakistan’s bid; however, full membership requires consensus among all BRICS members, which may present diplomatic challenges. Still, officials in Islamabad remain confident that Beijing’s influence can pave the way for Pakistan’s entry into the global development bank.
This story has been reported by PakTribune. All rights reserved.