Colombia Joins BRICS Bank to Find New Ways to Fund Growth

Colombia has joined the New Development Bank, a group created by Brazil, Russia, India, China, and South Africa (the BRICS countries).

The Colombian government and the bank’s president, Dilma Rousseff, confirmed this step after President Gustavo Petro requested membership during a visit to China in May 2025.

The New Development Bank gives loans and funding for big projects in countries that are still developing. Colombia hopes to use this new source of money to pay for things like better roads, bridges, and clean energy projects.

Until now, Colombia has relied mostly on the United States and Western banks for these kinds of loans. About 30% of Colombia’s trade is with the US. By joining the bank, Colombia wants to have more choices and not depend so much on one country.

One of Colombia’s main goals is to build a new rail and canal link between the Pacific and Atlantic Oceans. This 120-kilometer project could help move goods faster and take pressure off the Panama Canal.

The government also wants to use money from the bank to support solar and wind energy, hoping to reach hundreds of thousands of people with cleaner power.

The New Development Bank has already given out over $40 billion for projects in other countries. Colombia will not become a full BRICS member but will be able to use the bank’s money for its own projects.

This move comes as Colombia faces trade disputes with the US and looks for new partners. Officials say this decision is about having more options, not about turning away from old friends.

The bank also encourages its members to use their own currencies and digital tools for trade, which could help Colombia rely less on the US dollar. Colombia’s step is important because it shows the country is looking for new ways to grow and solve problems.

The government hopes that by joining the bank, it can build better infrastructure, create jobs, and bring more clean energy to its people. All the information in this article comes from official government and bank statements.