Pakistan Finance Minister Aurangzeb on Friday met Chinese Deputy Finance Minister Liao Min in Washington and sought help in becoming a member of the BRICS Development Bank, according to Pakistani news outlet Dawn.
The BRICS Development Bank is now known as the New Development Bank (NDB), which was co-founded by its members-Brazil, Russia, China, India, and South Africa. Cash-strapped Pakistan is struggling, and the nation is already facing problems in borrowing money from Western financial institutions due to their terms and conditions.
The BRICS was formed in 2009 with five members-Brazil, Russia, China, India, and South Africa. However, in 2024, the bloc was expanded to include Saudi Arabia, Iran, the UAE, Egypt, and Ethiopia.
The NDB is headquartered in Shanghai, China, and has a capital of over $100 billion.
“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,” according to a statement from Pakistan’s Finance Ministry.
