Colombia and Uzbekistan Join BRICS Bank

Rio de Janeiro, July 6 — Colombia and Uzbekistan have joined the New Development Bank (NDB), also known as the BRICS Bank. The announcement was made by the bank’s president, Dilma Rousseff, after its 10th Board of Directors meeting.

With these additions, the NDB now has 11 member countries, including Brazil, Russia, India, China, South Africa, Bangladesh, UAE, Egypt, and Algeria.

Rousseff said the bank supports the Global South and focuses on funding innovation, science, and technology. She added that all member countries are treated equally, and the bank does not force conditions on its loans.

The NDB, founded in 2015, is based in Shanghai and has approved over $40 billion in projects related to clean energy, transport, water, and digital infrastructure.