Colombia and Uzbekistan Join NDB Ahead of 17th BRICS Summit

Colombia and Uzbekistan are the two latest members of New Development Bank which increases the membership of that multilateral lender to 11 countries. The action follows shortly before the 17th BRICS Summit and it further consolidates the bank in assisting developing economies in the areas of sustainable growth and development on infrastructure projects.

Key Details

Rising NDB Membership:

• Colombia, Uzbekistan formally become members of the New Development Bank and the number of countries increases to 11.

• Having started as the bank of the original BRICS countries (Brazil, Russia, India, China and South Africa) the bank expanded to similar countries such as Bangladesh, UAE, Egypt and Algeria.

Mission /Focus of NDB:

• The President of NDB, Dilma Rousseff, highlighted the priority of the bank to assist the Global South and in particular, in the spheres of innovation, science and technologies.

• Among other factors, the NDB is supposed to assist member countries transition to Fourth Industrial Revolution, driving investments in key areas, including clean energy, transport, green projects, water and sanitation, and digital infrastructure.

Current Members

• Among the already existing NDB members, there are: India, Brazil, Russia, China, South Africa, Bangladesh, UAE, Egypt and Algeria with the new members which include Colombia and Uzbekistan.

About New Development Bank (NDB)

• Formerly known as the BRICS Development Bank.

• Owned and operated by BRICS countries: Brazil, Russia, India, China and South Africa.

• Pays attention to the infrastructure and sustainable development financing.

Objective

• To raise assets to be dedicated to development projects in BRIC and other emerging economies.

• Promotes sustainable development and cooperation in economy among developing countries.

History of Establishment

• Proposed concept: 2012 BRICS Summit in New Delhi.

• Formally signed: Fortaleza summit July 15, 2014.

• Commencement date: July 21, 2015.

Offices and Headquarters

• Beijing and Shanghai

• Research and development operations: South Africa and Brazil.

Membership

• All the UN member states who are willing to join can become members.

Conclusion:

The fact that Colombia and Uzbekistan have been introduced into the New Development Bank is making a significant move in the expansion of the bank to be able to finance the vital infrastructural and sustainable developmentality projects. The increase can be related to the increase in the value of the NDB as a means of assistance to the Global South especially due to the challenges facing them in technology and environment.