Colombia and Uzbekistan have officially joined the New Development Bank (NDB), also known as the BRICS Bank, increasing its total membership to 11. The announcement was made by NDB President and former Brazilian President Dilma Rousseff during a press conference following the bank’s 10th annual meeting.
The NDB’s Board of Governors approved the accession of the two countries ahead of the 17th BRICS Summit. Current members now include Brazil, Russia, India, China, South Africa, Bangladesh, the United Arab Emirates, Egypt, Algeria, Colombia, and Uzbekistan.
Rousseff emphasized that the bank’s mission is to serve the Global South by financing innovation, science, and technology to meet the demands of the Fourth Industrial Revolution. She highlighted the NDB’s respect for national sovereignty, equal voting rights for all members, and the absence of imposed conditions on loans or projects.
Established in 2015 and headquartered in Shanghai, the NDB has approved over 120 projects totaling $40 billion USD in sectors such as infrastructure, clean energy, transportation, digital development, and social services. Rousseff noted that additional countries are under review and may join in the future, though negotiations remain confidential.