June 20 (UPI) -- Colombia's recent entry into the BRICS-backed New Development Bank marks a significant shift in its foreign and economic policy. With the move, President Gustavo Petro's administration aims to reduce the country's long-standing reliance on Western financing and attract new investment for strategic infrastructure projects.
"Colombia officially joins the BRICS New Development Bank. This membership opens new financing opportunities for strategic projects and is a key step toward diversifying alliances and strengthening the country's economy," the Colombian presidency announced Thursday in a post on X.
Colombia's membership involves an initial $512 million commitment and makes it the first South American nation to formally join the bank, which is backed by 11 BRICS full members, including China, Russia, India, South Africa and Brazil.
Foreign Minister Laura Sarabia welcomed the announcement, saying the move goes beyond financial strategy and reflects broader national goals. "We continue to pave the way for new opportunities for the country," she wrote on X.
Beyond access to loans with fewer conditions, the move carries significant symbolic weight. It reflects the Petro administration's interest in redefining Colombia's international role, shifting away from the traditional Washington-Bogotá axis to pursue a more independent path aligned with the Global South.
