Colombia announces its accession to the New Development Bank of BRICS.
According to the Colombian government, joining will allow it to diversify its alliances and have new sources of funding for strategic projects.
Reuters - Colombia has been admitted to the New Development Bank of BRICS, initially formed by Brazil, Russia, India, China and South Africa, an accession that will allow it to diversify its alliances and have new sources of financing for strategic projects, the Presidency announced this Thursday.
President Gustavo Petro submitted the membership application in mid-May during a visit to China, where he signed a memorandum of understanding to join the Belt and Road Initiative, an ambitious global integration project led by the Asian giant.
"Colombia officially joins the New Development Bank of BRICS," the Colombian Presidency said on its X account. "This membership opens new financing opportunities for strategic projects and is a fundamental step towards diversifying alliances and strengthening the country's economy."
Petro, who faced diplomatic tensions with US President Donald Trump in January, previously said that joining the New Development Bank seeks financial alternatives to traditional institutions such as the International Monetary Fund and the World Bank.
Created in 2015 by the BRICS countries, the New Development Bank is a multilateral entity designed to mobilize resources for infrastructure and sustainable development projects in emerging markets and countries.
Recently, the group has included Egypt, Ethiopia, Indonesia, Iran, and the United Arab Emirates, making it a growing diplomatic counterweight to traditional Western powers.
The US president has repeatedly warned the BRICS against attempts to challenge the supremacy of the dollar.
