Colombia joins BRICS New Development Bank

Colombian Minister of Foreign Affairs Laura Sarabia announced the completion of the country’s accession process to the BRICS New Development Bank (NDB). This was reported by Prensa Latina, a partner of TV BRICS.

“I welcome the news that goes beyond financial matters and broadens our horizons. Colombia has officially joined the BRICS bank led by Dilma Rousseff following the application made by President Gustavo Petro in Shanghai. We continue to pave the way towards new opportunities for the country,” she wrote on social media.

According to the news agency, Colombia applied as a borrowing country, which will enable the Republic to receive concessional loans for projects in infrastructure, renewable energy, and healthcare. In a letter from Finance Minister Hernan Avila, it was stated that the country is prepared to acquire 5,125 shares of the NDB’s authorised capital amounting to US$512.2 million. Of these, 4,100 shares are in the form of commitments, and 1,025 shares are a direct cash contribution.

It was noted that the first payment is planned to be made within six months from the date of submission of the accession documents.

Earlier, Rousseff informed Russian President Vladimir Putin that the NDB had already approved the applications of Uzbekistan and Colombia. According to her, the applications of Ethiopia and Indonesia are also under consideration.

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