The New Development Bank (NDB), established by BRICS nations, welcomed Colombia and Uzbekistan as its newest members during a July 5 announcement in Rio de Janeiro. The expansion signals growing momentum for multilateral financial cooperation among emerging economies.
NDB President Dilma Rousseff, Brazil's former leader, stated the bank aims to address development challenges through infrastructure financing and sustainable projects. "Our growing membership reflects confidence in our mission to empower the Global South," she said, noting more applications are under review.
Founded in 2015 and headquartered in Shanghai, the NDB has financed over $30 billion in projects ranging from renewable energy to transportation networks. Its partnership model enables collaboration with institutions like the Asian Infrastructure Investment Bank to address funding gaps in developing nations.
Analysts suggest the new memberships could strengthen economic ties between South America, Central Asia, and BRICS founding members – Brazil, Russia, India, China, and South Africa. The move comes as developing countries increasingly seek alternatives to traditional Western-led financial systems.
