Ahead of the 17th BRICS Summit, Colombia and Uzbekistan have officially joined the New Development Bank (NDB), expanding the multilateral lender’s membership to 11 countries. Founded in 2015 by the original BRICS nations, the NDB aims to fund infrastructure and sustainable development in emerging economies.
The NDB President Dilma Rousseff emphasized on the bank’s mission to support the Global South, focusing on innovation, science, and technology to help member nations adapt to the Fourth Industrial Revolution, during a press conference following the bank’s 10th Board of Directors meeting.
India, Brazil, Russia, China, South Africa, Bangladesh, UAE, Egypt, and Algeria are members of NDB. Headquartered in Shanghai, the bank has approved over 120 projects covering sectors such as clean energy, transport, environmental protection, water and sanitation, and digital infrastructure.
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