Colombia begins process of joining BRICS New Development Bank

Colombian President Gustavo Petro met with the President of the BRICS New Development Bank (NDB), Dilma Rousseff, in Shanghai.

“We have begun the process of joining the NDB,” he wrote on social media.

According to the official website of the Colombian Presidency, the country has applied to join the bank as a borrower. This means that Colombia will be able to receive concessional loans to implement projects in infrastructure, renewable energy, healthcare and other areas essential for sustainable development.

Colombia is thus prepared to contribute US$512.5 million to the bank’s capital. Of this amount, US$102.5 million will be paid up front, with the remaining US$410 million to be paid as requested by the financial institution.

Photo: presidencia.gov.co