Petro asks Colombia to join the BRICS bank

Colombian President Gustavo Petro requested his country’s entry into the New Development Bank (NDB) during a visit to China. The NDB is a financial institution established by the BRICS alliance, which includes Brazil, Russia, India, China, South Africa, and other member countries.

Petro made his request during his stay in Shanghai, where he attended the China-CELAC Forum and met with with former Brazilian President Dilma Rousseff, who currently serves as president of the NDB.

"President Gustavo Petro announced this Friday from China that Colombia formally filed the application to join the New Development Bank," the President's Office posted on social media.

On the sidelines of the meeting between Petro and Rousseff, Colombia’s Minister of Finance and Public Credit, Germán Ávila Plazas, submitted a letter outlining the actions his government pledges to undertake.

"[Colombia] is willing to subscribe 5,125 shares of the authorized capital of the New Development Bank, of which 4,100 correspond to callable shares (as collateral) and 1,025 correspond to paid-in shares (in cash)," he said. "This is equivalent to a subscribed capital (total amount committed to contribute) of US $512.5 million, which includes callable capital of US$410 million and paid-in capital of US $102.5 million."

"Colombia's application to join the NDB marks a strategic step towards the diversification of international financing sources and the consolidation of partnerships with emerging economies," Avila Plazas concluded in his letter.

This request follows just two days after Petro signed an agreement with China to join the Belt and Road Initiative, a strategy promoted by the Chinese government to enhance trade among participating countries.