BRICS Bank Welcomes Colombia, Uzbekistan as New Members
(MENAFN) The New Development Bank (NDB), widely recognized as the BRICS Bank, has officially welcomed Colombia and Uzbekistan as new members, bringing its total membership to 11 countries. This announcement was made by NDB President Dilma Rousseff during a press briefing on Saturday, following the 10th meeting of the NDB’s Board of Directors, ahead of the 17th BRICS Summit set to take place this weekend.
The decision to admit Colombia and Uzbekistan was approved by the bank’s Board of Governors. This expansion sees the addition of these two nations to the NDB's diverse portfolio, which already includes Brazil, Russia, India, China, South Africa, Bangladesh, the United Arab Emirates, Egypt, and Algeria.
"We have several other countries under observation and review, and they may join the bank in the future," Rousseff stated, emphasizing that negotiations with potential new members remain confidential according to board protocols.
Highlighting the NDB's commitment to the Global South, Rousseff explained that the bank's purpose is to finance innovation, science, and technology to aid BRICS nations in navigating the challenges of the Fourth Industrial Revolution.
The NDB, she further asserted, operates with full respect for the sovereignty and development priorities of its member countries, emphasizing that it imposes no projects or lending conditions. "One of our key differences is that all members are equal, and every voice is heard," Rousseff declared.
Founded in 2015 by Brazil, Russia, India, China, and South Africa, the NDB’s primary goal is to mobilize resources for sustainable development and infrastructure projects in emerging economies and developing nations. Based in Shanghai, the bank has already approved over 120 projects worth a total of $40 billion, focusing on areas such as clean energy, transport infrastructure, environmental protection, and social infrastructure.
The NDB continues to position itself as a progressive institution rooted in solidarity, equity, and national sovereignty, aimed at fostering balanced and inclusive global development.
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