Colombia enters Brics Bank against Global Delarization

Colombia took an important step in its foreign policy on Thursday by joining the New Development Bank (NDB) of the BRICS Group, chaired by the former president of Brazil, Dilma Rousseff. Chancellor Laura Sarabia confirmed the news through a publication, in which she stressed that it is “a decision that transcends the financial and expands the horizon of the country.”

«Colombia officially joins the Bank of the BRICs, led by Dilma Rousseff, after the request submitted by President Gustavo Petro in Shanghai. We continue to make way for new opportunities for the country, ”wrote the chancellor.

Colombia’s entrance to the Bank of the BRICs – an institution founded by Brazil, Russia, India, China and South Africa – represents a turn in the economic and diplomatic strategy of the nationhistorically aligned with financial organizations dominated by the West, such as the IMF and the World Bank.

The new Development Bank, founded in 2014, has as its main objective to finance infrastructure and sustainable development projects in its member and allied countries. Thus, it is offered as an alternative to great international international lenders such as the IMF or the World Bank.

The union of Colombia arrives a day after A BRICS ticket will be formallya currency created to facilitate trade between member countries and reduce dependence on the dollar and the euro. This instrument is expected to strengthen the internal operations of the block and, in the long term, function as a means of payment and international reserve in allied countries.

The proposal of the ticket, initially discussed at the Summit of Johannesburg in 2023, now materializes with a design that reflects the identity of the founding countries and partners of the New Development Bank.

The geopolitical scenario promoted from Washington has influenced the progress of defolarization efforts. The tariff policies of the Trump administration, together with the sanctions imposed by the United States, have led several countries to seek payment mechanisms less dependent on the dollar.

Many nations see in this search a way of responding to the risks associated with the concentration of power in a single global currency. That is why there is ongoing A global agenda that seeks to reduce the dependence of the US dollar in international trade.

In tune, as Cryptonoticias reported, this week the Governor of the Popular Bank of China, Pan Gongsheng, reaffirmed his country’s commitment to boost a multipolar monetary system and the Yuan as a reserve currency and a means of exchange.

Then, the official communicated the inauguration of an operational center in Shanghai dedicated to E-CNY, the digital currency issued by the Central Bank of China (CBDC). PAN intention to strengthen the Chinese currency had been announced by the BRICS block at a 2024 summit.