Colombia and Uzbekistan have officially joined the New Development Bank (NDB), a financial institution established by the BRICS nations. The announcement was made during a press conference in Rio de Janeiro on July 5 by NDB President Dilma Rousseff.
Rousseff, who previously served as President of Brazil, emphasized the bank’s commitment to serving the Global South. “The inclusion of Colombia and Uzbekistan reflects our dedication to supporting emerging economies,” she stated. She also hinted that more countries might be joining soon, as additional membership applications are under evaluation.
The NDB, headquartered in Shanghai, was founded by Brazil, Russia, India, China, and South Africa to finance infrastructure and sustainable development projects in BRICS countries and other emerging economies. By collaborating with global financial institutions, the bank aims to foster economic growth and development across the Global South.
Colombia and Uzbekistan’s entry into the NDB marks a significant step toward greater international cooperation. With their inclusion, the bank is expected to expand its reach and impact, providing more opportunities for development projects that can benefit millions.
The move has been welcomed by experts and officials alike, who see it as a positive sign for global economic collaboration. As the NDB continues to grow, it stands as a testament to the increasing influence and unity of emerging nations on the world stage.
