The New Development Bank (NDB), founded by the BRICS nations, announced the admission of Colombia and Uzbekistan as official members during a press conference in Rio de Janeiro on July 5.

NDB President Dilma Rousseff, who previously served as President of Brazil, emphasized the bank’s mission to serve the Global South. She added that additional membership applications are currently under evaluation.

Headquartered in Shanghai, China, the NDB was created to fund infrastructure and sustainable development projects across BRICS countries and other emerging and developing economies. The bank also collaborates with other financial institutions to support global economic growth.

For more, check out our exclusive content on CGTN Now and subscribe to our weekly newsletter, The China Report.