Colombia and Uzbekistan have officially joined the New Development Bank (NDB), expanding the multilateral lender’s membership to 11 countries, NDB President Dilma Rousseff announced on Saturday.

The announcement followed the bank’s 10th Board of Directors meeting, held ahead of the 17th BRICS Summit.

The NDB, commonly referred to as the BRICS Bank, was founded in 2015 by Brazil, Russia, India, China, and South Africa. In recent years, it has expanded its membership to include Bangladesh, the United Arab Emirates, Egypt, and Algeria. With the addition of Colombia and Uzbekistan, the institution continues to broaden its reach among emerging market economies.

Speaking at a press conference, Rousseff highlighted the NDB’s role in supporting the Global South. She said the bank is committed to financing projects in innovation, science, and technology, helping its members prepare for the challenges of the Fourth Industrial Revolution.

Rousseff emphasised that the NDB differs from other multilateral lenders by respecting the sovereignty of its members and not imposing external conditions on its loans. “One of our key differences is that all members are equal, and every voice is heard,” she said.

The NDB has so far approved over 120 investment projects worth a combined $40 billion. These initiatives span critical sectors such as clean energy, energy efficiency, transportation infrastructure, environmental protection, water and sanitation, social development, and digital infrastructure.

Headquartered in Shanghai, the bank aims to mobilise resources for sustainable development in BRICS countries and other developing economies. Rousseff also noted that additional countries are under consideration for future membership, though details remain confidential.