Islamabad has approached Beijing for support in securing Pakistan’s membership in the New Development Bank (NDB) and highlighted its appreciation for growing investments from Chinese companies in key sectors such as agriculture, industry, minerals, and information and communication technology. The development came during a meeting between Finance Minister Muhammad Aurangzeb and Chinese Deputy Finance Minister Liao Min in Washington, where Pakistan formally requested China’s backing for NDB membership, according to an official statement released on Friday. “Mr. Aurangzeb sought China’s support for Pakistan’s NDB membership and welcomed enhanced investments from Chinese enterprises in strategic sectors including ICT, agriculture, industry, and minerals,” the statement said. The NDB, established by BRICS members Brazil, Russia, India, China, and South Africa, aims to mobilize resources for infrastructure and sustainable development projects in emerging markets and developing countries (EMDCs). Earlier this year, in February, Pakistan’s Economic Coordination Committee (ECC) approved the purchase of capital shares worth $582 million in the NDB, with $116 million as paid-in capital. The ECC also endorsed Pakistan’s membership in the bank and approved the acquisition of 5,882 capital shares. Pakistan had applied for BRICS membership in November 2024, further signaling its intent to deepen ties with the bloc. Panda Bond 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. The finance minister expressed gratitude to the Office of the Executive Director, IMF, for extending full support to Pakistan during recent Board meetings. Aurangzeb also apprised China’s deputy finance minister of the latest developments regarding the issuance of the Panda Bond in the Chinese market. He also invited Liao Min to visit Pakistan at a mutually convenient time. Separately, Aurangzeb held a “productive meeting” with Congressman French Hill, who is also the chairman of the US House Financial Services Committee, in Washington, DC. According to the media release, the discussion focused on strengthening Pakistan-US economic and financial cooperation, with particular emphasis on the digitisation of financial services, development of the new economy, mineral sector collaboration, and broader partnerships in information technology. “Both sides expressed interest in enhancing bilateral engagement to promote sustainable economic growth and innovation-driven collaboration between Pakistan and the US,” it added.
Pakistan looks to China for support in joining BRICS’ New Development Bank
