Colombia has officially joined the New Development Bank (NDB), the financial institution affiliated with the BRICS bloc, becoming the 14th member state to do so. The announcement was made Thursday by Colombian Foreign Minister Laura Sarabia, following the completion of Colombia’s accession process that began with a formal application in May.
Membership in the NDB grants Colombia access to financing for a wide range of development sectors, including infrastructure, renewable energy, healthcare, and sustainable development. The decision reflects Bogotá’s broader strategic goal of diversifying its sources of international financing and reducing its dependence on Western-led institutions such as the World Bank and the International Monetary Fund (IMF).
The NDB, founded by the original BRICS countries—Brazil, Russia, India, China, and South Africa—has grown into a multilateral platform for emerging economies seeking alternatives to Western-dominated global financial systems. Alongside the founding members, the NDB now includes Bangladesh, Egypt, the United Arab Emirates, Uruguay, Algeria, Indonesia, Uzbekistan, Nigeria, and now Colombia.
At a meeting with Russian President Vladimir Putin on Thursday, NDB Chairwoman Dilma Rousseff confirmed Colombia’s accession and also announced that Uzbekistan’s application had been approved. She added that Ethiopia and Indonesia are under consideration for future membership. Additionally, Nicaragua and Zimbabwe have expressed interest in joining.
Colombia’s entry into the BRICS-led bank marks a significant geopolitical shift. Traditionally viewed as one of Washington’s closest allies in Latin America, Colombia’s pivot signals a growing willingness to pursue a more independent and multipolar foreign policy.
This change in direction has accelerated under President Gustavo Petro, elected in 2022 as Colombia’s first left-wing head of state. Since taking office, Petro has made a number of moves that break from previous administrations’ alignment with the West. Among them: restoring diplomatic relations with Venezuela in 2022 after years of severance and, in May 2024, cutting ties with Israel in protest of its military campaign in Gaza.
As Colombia deepens its integration into emerging global institutions, its accession to the NDB may be seen as part of a larger regional and global rebalancing away from U.S.-centric models of international engagement.