On July 5, 2025, Colombia and Uzbekistan have joined the New Development Bank (NDB), a multilateral development bank, also known as the BRICS (Brazil, Russia, India, China, South Africa) bank, as borrowing members of the NDB, expanding its membership to 11 nations.
- The announcement was made by NDB President Dilma Rousseff following the 10th Annual Meeting of the NDB Board of Governors (BoG), held ahead of the 17th BRICS Summit in Rio de Janeiro, Brazil.
Key Points:
i.Colombia and Uzbekistan were admitted to the NDB after meeting key criteria: they are United Nations(UN) member states, completed the accession process, including Board approval, depositing accession instruments, and fulfilling capital contributions, and their inclusion ensured the BRICS nations retained over 55% of the total voting power.
ii.The current members of the NDB include Brazil, Russia, India, China, South Africa, Bangladesh, the United Arab Emirates (UAE), Egypt, Algeria, Colombia, and Uzbekistan. Uruguay holds the status of a prospective member.
Highlights of 10th Annual Meeting of the NDB BoG:
i.The Meeting was chaired by H.E. Mr. Fernando Haddad, the Minister of Finance of the Federative Republic of Brazil and the NDB Governor for Brazil.
ii.The theme of the Annual Meeting is “Driving Development: Fostering Innovation, Cooperation, and Impact through a Multilateral Development Bank for the Global South”.
iii.Roman Serov(Russia) was appointed as Vice-President of NDB from September 7, 2025, to September 6, 2030.
iv.The Board elected Anton Siluanov, Minister of Finance, Russia and the NDB Governor for Russia as the next Chairperson of the BoG.
v.Nirmala Sitharaman,Minister of Finance(MoF), the Government of India(GoI) and the NDB Governor for India was elected as the next Vice-Chairperson of the BoG.
vi.It was agreed that they would hold their respective offices until the end of the Eleventh Annual Meeting of the Board of Governors in 2026.
vii.The BoG decided that Russia will host the 11th Annual Meeting of the New Development Bank in 2026.
About the New Development Bank:
i.NDB, formerly known as the BRICS Development Bank, was established by the BRICS countries to finance infrastructure and sustainable development projects in Emerging Markets and Developing Countries (EMDC).
ii.It ensures that all projects financed by the Bank are implemented in a sustainable manner and their ESG impacts are assessed, minimized and mitigated during project implementation.
iii.The bank was established with an initial authorized capital of USD 100 billion, divided into one million shares, each valued at USD 100,000.
iv.K.V. Kamath from India served as the first President of the NDB from 2015 to 2020.
President – Dilma Rousseff
Headquarters – Shanghai, China
Established – 2015
