The New Development Bank (NDB), founded by the BRICS nations, announced the admission of Colombia and Uzbekistan as official members during a press conference in Rio de Janeiro on July 5.

NDB President Dilma Rousseff emphasized the bank’s mission to serve the Global South. She added that additional membership applications are currently under evaluation.

Five BRICS countries — Brazil, Russia, India, China and South Africa — established the NDB in 2014. Headquartered in Shanghai, the NDB officially began operations in 2015 to fulfill its mission of mobilizing resources for infrastructure and sustainable development projects in BRICS member nations, as well as other emerging-market economies and developing countries.

Over the past decade, the NDB has approved over 120 projects totaling 40 billion U.S. dollars, providing financing support for member countries in a wide range of fields, including infrastructure, clean energy, environmental protection, and digital infrastructure.

Since 2021, the bank has expanded its membership to include Bangladesh, Egypt, the United Arab Emirates and Algeria, and now Colombia and Uzbekistan.

The 17th BRICS Summit is set on Sunday and Monday in Rio de Janeiro. As the rotating chair of the bloc, Brazil is hosting the summit under the banner of “Strengthening Global South Cooperation for More Inclusive and Sustainable Governance”.

Colombia, Uzbekistan join BRICS nations' New Development Bank

Colombia, Uzbekistan join BRICS nations’ New Development Bank