Colombia joins BRICS New Development Bank

Colômbia joins the New Development Bank of the BRICS, a move to diversify alliances and access new financing for strategic projects. The country presented its membership bid in May during a visit to China, where it signed a memorandum of understanding to join the Belt and Road Initiative. The BRICS New Development Bank was created in 2015 to mobilize resources for infrastructure and sustainable development projects in emerging markets and countries.

Colombia has been accepted as a member of the New Development Bank (NDB), also known as the "BRICS bank," an economic bloc led by Brazil, Russia, India, China, and South Africa. This move signifies a strategic shift in Colombia's foreign policy and financial partnerships, particularly in light of recent tensions with the United States.

The Colombian government confirmed the acceptance on June 19, 2025, following a request made by President Gustavo Petro during his visit to China in May. Colombia's Minister of Foreign Affairs, Laura Sarabia, announced the news on her X social media account, emphasizing that the country's entry into the NDB transcends financial matters and broadens Colombia's global horizons [1].

The NDB, established in 2014, aims to mobilize resources for infrastructure and sustainable development projects in emerging markets and countries. With an initial authorized capital of US$100 billion, the bank has approved over 90 projects valued at more than US$32 billion, focusing primarily on sustainable infrastructure, energy, and urban development [2].

Colombia's membership in the NDB will allow the country to access resources and financing for diverse projects, mirroring its current relationship with the Inter-American Development Bank (IDB). This development aligns with Colombia's broader strategy to diversify its trade alliances and reduce dependence on traditional partners, such as the United States [1].

The decision to join the NDB is part of Colombia's effort to navigate geopolitical tensions and economic challenges. Since Donald Trump's presidency, Colombia has faced persistent threats of U.S. tariffs and has emphasized the need to diversify its trade alliances. Colombia currently maintains reciprocal tariffs suspended against virtually all world economies, a measure that could be reinstated in July [1].

The BRICS bloc, representing nearly 32% of global GDP and over 40% of the planet's population, is positioning itself as a counterweight to the traditional financial order. With Colombia's entry, the expansion of the bloc and its bank could reinforce this trend, boosting the Global South's influence in the world economy [2].

References:
[1] https://colombiaone.com/2025/06/19/colombia-brics-new-development-bank/
[2] https://tass.com/economy/1975449