Colombia and Uzbekistan join New Development Bank

Ahead of the upcoming 17th BRICS Summit, Colombia and Uzbekistan have officially become members of the New Development Bank (NDB). This expansion increases the multilateral lender’s membership to a total of 11 countries.

About the New Development Bank (NDB):

• Founding: The NDB was founded in 2015 by the original BRICS nations (Brazil, Russia, India, China, and South Africa).
• Mission: Its primary objective is to fund infrastructure and sustainable development projects in emerging economies.
• Current Members: With the addition of Colombia and Uzbekistan, the NDB’s membership now includes: India, Brazil, Russia, China, South Africa, Bangladesh, UAE, Egypt, and Algeria.
• Leadership and Focus: NDB President Dilma Rousseff recently reaffirmed the bank’s mission to support the Global South. During a press conference following the bank’s 10th Board of Directors meeting, she emphasized a focus on innovation, science, and technology to help member nations adapt to the Fourth Industrial Revolution.
• Headquarters: The NDB is headquartered in Shanghai, China.
• Project Portfolio: Since its inception, the bank has approved over 120 projects across various critical sectors, including:
  • Clean energy
  • Transport
  • Environmental protection
  • Water and sanitation
  • Digital infrastructure