Colombia and Uzbekistan have officially become members of the New Development Bank (NDB) just before the 17th BRICS Summit. This recent addition brings the total number of NDB member countries to 11, enhancing global cooperation and development efforts.
New Members Strengthen NDB’s Global Reach
The NDB, established in 2015 by the original BRICS nations, has expanded its membership over the years. With the recent inclusion of Colombia and Uzbekistan, the bank now represents 11 diverse countries, including Bangladesh, UAE, Egypt, and Algeria.
- The NDB focuses on supporting sustainable development and financing significant infrastructure projects in emerging economies.
- Headquartered in Shanghai, China, the bank plays a crucial role in driving growth in developing regions.
Dilma Rousseff Highlights Focus Areas
Dilma Rousseff, the current President of the NDB, emphasized the bank’s commitment to assisting Global South nations in adapting to the Fourth Industrial Revolution’s challenges, such as digital transformation and technological advancements.
Rousseff outlined the NDB’s future strategies, emphasizing innovation, science, and technology, particularly in developing nations. The bank is actively involved in supporting various projects related to clean energy, transportation, environment, water, sanitation, and digital infrastructure.
What’s Next for NDB and BRICS
The upcoming 17th BRICS Summit will provide a platform for discussions on the NDB’s expanding global presence. The inclusion of Colombia and Uzbekistan aims to foster cooperation and enhance development funding in these regions while reducing reliance on Western financial systems.
Key Takeaways for Competitive Exams:
- Colombia and Uzbekistan have recently joined the New Development Bank (NDB) ahead of the 17th BRICS Summit.
- The NDB, with 11 member countries, focuses on supporting sustainable development and funding infrastructure projects in emerging economies.
- President Dilma Rousseff highlighted the NDB’s future initiatives, emphasizing innovation and technology in developing nations.
- The inclusion of Colombia and Uzbekistan in the NDB aims to enhance global cooperation and reduce dependence on Western financial systems.
