Colombia Charts New Course: Seeks China-Based Bank Membership as Latin America Distances from Washington

Colombia has formally pursued membership in the China-initiated New Development Bank (NDB), a vivid about-face in the economic and geopolitical alignments of Latin America as the continent moves away from traditional U.S. alliances. President Gustavo Petro made the announcement after meeting with NDB president and former Brazilian President Dilma Rousseff in Shanghai, committing to purchase $512 million of bank shares. Petro emphasized the bank's capacity to fund innovative projects, including the planned 120-kilometer canal or train uniting Colombia's Atlantic and Pacific coastlines-an endeavor he argues will position Colombia as a prime commerce node linking South America with Asia.

 

The BRICS-led NDB, established to balance out U.S.-dominated institutions, has already invested over $40 billion of infrastructure. Colombia's bid follows Uruguay's in 2021 and as the United States has issued travel warnings against projects tied to the Belt and Road, diplomatic tensions escalate and regional re-alignment enters a new phase

 

Source: AP News, The Independent, Business Standard