Colombia and Uzbekistan Join BRICS-Backed New Development Bank (NDB) as New Members.
International
On July 5, 2025, Colombia and Uzbekistan officially joined the New Development Bank (NDB), a multilateral financial institution established by the BRICS nations (Brazil, Russia, India, China, and South Africa). With their inclusion, the total borrowing membership of the NDB now expands to 11 countries, enhancing the bank’s global outreach.
- The announcement was made by NDB President Dilma Rousseff during the 10th Annual Meeting of the NDB Board of Governors (BoG), held just before the 17th BRICS Summit in Rio de Janeiro, Brazil. This strategic expansion is aimed at strengthening the bank’s multilateral development role across emerging economies.
- The New Development Bank was established in 2015 with an aim to support infrastructure and sustainable development projects in BRICS and other emerging economies.
- The current members now include Brazil, Russia, India, China, South Africa, Bangladesh, United Arab Emirates (UAE), Egypt, Algeria, and the newly added Colombia and Uzbekistan. Uruguay holds a prospective member status as of now.
Main Point :- (i) Colombia and Uzbekistan met all the required conditions for joining, such as being United Nations (UN) member states, completing the accession process, signing Board approval documents, and agreeing to make initial capital contributions. Even after this expansion, BRICS nations retain over 55% of the total voting power in the bank.
(ii) During the same meeting, Roman Serov from Russia was appointed as the Vice-President of NDB for a 5-year term from September 7, 2025, to September 6, 2030. This decision further consolidated Russia's leadership role in the governance structure of the NDB.
(iii) Additionally, Anton Siluanov, Minister of Finance of Russia and NDB Governor for Russia, was elected as the Chairperson of the Board of Governors (BoG). From India, Nirmala Sitharaman, Minister of Finance, was nominated as the next Vice-Chairperson of the BoG, representing the Government of India (GoI).
About New Development Bank (NDB)
President: Dilma Rousseff
Headquarters: Shanghai, China
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