The application to join the New Development Bank and an interview with its director, Dilma Rousseff, were among Petro’s last activities during his tour of China in May. This step continues to pave the way for new opportunities for the country.

Alongside Colombia’s request, a letter signed by the Minister of Finance and Public Credit, Germán Ávila, revealed Colombia’s interest in joining the entity as a borrowing member, which would allow it to receive low-interest loans to finance development projects in infrastructure, renewable energy, or health.

The minister also explained to Rousseff that Colombia “is willing to subscribe to five thousand 125 shares of the authorized capital of the New Development Bank, of which four thousand 100 correspond to callable shares (as collateral) and one thousand 25 correspond to paid-in shares (in cash).”

This amounts to a subscribed capital (total amount committed to contribute) of $512.2 million, which includes callable capital of $410 million and paid-in capital of $102.5 million.

The first payment, the application letter also detailed, would be made within six months of the date Colombia submits its adhesion document to the Brazilian government.

The New Development Bank is a multilateral financial institution created by Brazil, Russia, India, China, and South Africa, with the goal of mobilizing resources for infrastructure and sustainable development projects in emerging and developing countries, both within and outside the group that already comprises the bloc.

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