In a major move toward strengthening global economic cooperation, Colombia and Uzbekistan have officially joined the New Development Bank (NDB) ahead of the 17th BRICS Summit. This expansion increases the bank’s membership to 11 countries and reflects the growing influence of the BRICS Bank in supporting development and infrastructure projects across the Global South.
Founded by Brazil, Russia, India, China, and South Africa, the NDB was set up to fund sustainable development in emerging economies. The inclusion of Colombia and Uzbekistan shows how the bank is widening its scope beyond its founding members to include other rapidly growing economies.
NDB expands with Colombia, Uzbekistan membership
The entry of Colombia and Uzbekistan into the New Development Bank marks a strategic shift in the institution’s direction. It indicates that more developing nations are seeking alternative financial partnerships that prioritize equitable development.
By joining the BRICS Bank, both countries gain access to funding for critical infrastructure, renewable energy, transport, and other sustainable development projects. Their inclusion also helps the bank broaden its regional presence in both Latin America and Central Asia.
New Development Bank strengthens Global South finance
The New Development Bank continues to position itself as a key financial institution for the Global South. Unlike traditional global banks, the NDB emphasizes equal ownership and decision-making among its members.
With the expansion to 11 members, the bank is now in a stronger position to finance large-scale projects that benefit developing nations. This includes investments in digital infrastructure, green technology, and regional connectivity.
Read more about the latest membership expansion on Adda247 Current Affairs.
BRICS Bank Summit spotlight on NDB’s growth
The upcoming 17th BRICS Summit will likely place the spotlight on the growing role of the BRICS Bank in reshaping the global financial order. As Western-led institutions face criticism for unequal loan conditions, the NDB is gaining popularity for offering fairer alternatives to emerging economies.
Leaders are expected to discuss the bank’s future roadmap, expansion strategy, and ways to deepen economic collaboration across continents. The inclusion of Colombia and Uzbekistan will also be highlighted as a sign of broader international trust in the NDB’s mission.
NDB now includes 11 members with new economies
With Colombia joining NDB from Latin America and Uzbekistan joining NDB from Central Asia, the institution now represents a more diverse group of nations. These countries bring new development priorities and regional perspectives to the table.
The bank’s 11-member structure now includes founding BRICS members, along with Egypt, Bangladesh, United Arab Emirates, Uruguay, Colombia, and Uzbekistan. This diversity enables the bank to fund more inclusive and globally significant projects.
Conclusion:
The admission of Colombia and Uzbekistan into the BRICS Bank ahead of the 17th BRICS Summit is a major milestone for the New Development Bank. It not only expands the institution’s global reach but also reinforces its role in financing inclusive growth and regional development in the Global South.
Stay tuned with Notifire for more updates.
