Uzbekistan, Colombia Join BRICS Bank to Boost Global South Representation

President of the New Development Bank (NDB) Dilma Rousseff has announced that Colombia and Uzbekistan officially became NDB members, further expanding the institution’s footprint and solidifying its role as a key financial platform for the Global South.

Rousseff made these remarks on the eve of the 17th BRICS Summit, The Caspian Post reports via Kazakh media.

With the latest additions, the NDB’s total membership now rises to 11 countries, which include Brazil, Russia, India, China, South Africa, Bangladesh, the United Arab Emirates, Egypt, Algeria, Colombia, and Uzbekistan.

“We are in active dialogue with several other countries. While these negotiations remain confidential, further expansion is certainly on the horizon,” Rousseff said.

The expansion comes at a pivotal moment, just ahead of the high-level BRICS summit taking place in Rio de Janeiro on July 6-7, where leaders are expected to discuss multilateral cooperation, development financing, and geopolitical strategy.

Rousseff highlighted the bank’s mission to support innovation, science, and technology across its member states to meet the demands of the Fourth Industrial Revolution. She stressed that the NDB operates on a foundation of equality and respect for national sovereignty, stating that the institution does not impose conditionalities on loans or development projects.

“One of our core principles is that all members are equal-every voice matters,” she said, positioning the NDB as a modern, inclusive alternative to traditional global financial institutions.

Founded in 2015 by the original BRICS nations-Brazil, Russia, India, China, and South Africa-the NDB is headquartered in Shanghai and aims to fund infrastructure and sustainable development projects across emerging and developing economies.

Since its inception, the bank has approved over 120 projects worth more than $40 billion, with investments spanning areas such as clean energy, transport infrastructure, digital innovation, water management, and social services.

The inclusion of Colombia and Uzbekistan is expected to enhance the NDB’s regional outreach and further its goal of creating a more equitable global financial architecture.