Latest news with #NewDevelopmentBank
UPI
6 hours ago
- Business
- UPI
Colombia joins BRICS-backed bank in shift toward new financial order
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. The announcement has sparked both enthusiasm and skepticism among Colombian analysts, who warn of financial risks, geopolitical consequences and the delicate balance Bogotá must maintain with the United States, its primary trading and military partner. The Petro government has defended the move as a pragmatic step amid global economic volatility and the weakening of the traditional multilateral order. Officials also see it as an opportunity to advance strategic projects such as the interoceanic railway -- an ambitious infrastructure initiative aimed at positioning Colombia as a commercial hub between Asia and the Caribbean. Colombia's Foreign Ministry and Finance Ministry officials emphasized that joining the New Development Bank does not signal a break with the Inter-American Development Bank or the International Monetary Fund. "This is about having more options, not replacing allies," Finance Minister Ricardo Bonilla said. Still, reactions in Colombia remain divided. While lawmakers from the ruling coalition praised what they called the country's "financial emancipation," opposition groups and business associations raised concerns about the fiscal burden and reputational risks of aligning with a bloc that includes China and Russia. "Do we want to depend on the yuan or the ruble? What guarantees does a bank dominated by authoritarian regimes offer?" conservative senator and former presidential candidate Enrique Gómez asked. Colombia has long been one of the United States' closest allies in the fight against drug trafficking and in supporting the liberal economic model promoted by Washington. Against that backdrop, closer ties with China have raised tensions. The U.S. State Department has said it will firmly oppose financing for Latin American projects tied to China's Belt and Road Initiative, a global investment strategy backed by Beijing that aims to expand its economic influence through critical infrastructure development around the world. Founded in 2015, the New Development Bank aims to provide financing for infrastructure and sustainable development in emerging economies, with fewer political conditions than the International Monetary Fund or the World Bank. To date, it has approved more than $40 billion in funding for 122 infrastructure projects in sectors such as transportation, clean energy and sanitation.
Straits Times
2 days ago
- Business
- Straits Times
Putin cautions Germany over any Taurus missile supplies to Ukraine
Russian President Vladimir Putin attends a meeting with President of the New Development Bank Dilma Rousseff on the sidelines of the St. Petersburg International Economic Forum (SPIEF) at the Constantine Palace in Strelna in the suburb of Saint Petersburg, Russia June 18, 2025. Sputnik/Alexei Danichev/Pool via REUTERS ATTENTION EDITORS - THIS IMAGE WAS PROVIDED BY A THIRD PARTY. ST PETERSBURG, Russia - Russian President Vladimir Putin on Thursday cautioned Germany that Moscow would consider it to be directly involved in the war in Ukraine if Berlin supplied Kyiv with Taurus cruise missiles, but said he was ready to speak to Chancellor Friedrich Merz. German Defence Minister Boris Pistorius said earlier this month that Germany is not considering delivering Taurus cruise missiles, which have a range in excess of 300 miles (480 km), to Ukraine despite Kyiv's repeated requests. Putin said that to fire the Taurus missiles, Ukraine would need Western satellite intelligence and German officers to take care of targeting which, if they were fired at Russia, would mean German officers striking Russian territory. "What is this, if not the involvement of the Federal Republic in a direct armed conflict with the Russian Federation? It can't be called anything else," Putin told senior news agency editors in the northern Russian city of St Petersburg. Putin added that even if Germany did supply the missiles, it would have no impact on the ultimate course of the war, adding that Russian troops were advancing in all directions. Asked if he was willing to speak to Merz, Putin, a fluent German speaker who served as a KGB spy in former East Germany, said he was ready to. "If the Federal Chancellor wants to call and talk, I have already said this many times - we do not refuse any contacts. And we are always open to this," Putin said. Putin added, though, that he did not consider that Germany was a neutral mediator when it came to the war in Ukraine given the presence of German tanks on the battlefield. "We consider the Federal Republic, just like many other European countries, not a neutral state, but as a party supporting Ukraine, and in some cases, perhaps, as accomplices in these hostilities," Putin said. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
The Star
2 days ago
- Business
- The Star
Putin cautions Germany over any Taurus missile supplies to Ukraine
Russian President Vladimir Putin attends a meeting with President of the New Development Bank Dilma Rousseff on the sidelines of the St. Petersburg International Economic Forum (SPIEF) at the Constantine Palace in Strelna in the suburb of Saint Petersburg, Russia June 18, 2025. Sputnik/Alexei Danichev/Pool via REUTERS ATTENTION EDITORS - THIS IMAGE WAS PROVIDED BY A THIRD PARTY. ST PETERSBURG, Russia (Reuters) -Russian President Vladimir Putin on Thursday cautioned Germany that Moscow would consider it to be directly involved in the war in Ukraine if Berlin supplied Kyiv with Taurus cruise missiles, but said he was ready to speak to Chancellor Friedrich Merz. German Defence Minister Boris Pistorius said earlier this month that Germany is not considering delivering Taurus cruise missiles, which have a range in excess of 300 miles (480 km), to Ukraine despite Kyiv's repeated requests. Putin said that to fire the Taurus missiles, Ukraine would need Western satellite intelligence and German officers to take care of targeting which, if they were fired at Russia, would mean German officers striking Russian territory. "What is this, if not the involvement of the Federal Republic in a direct armed conflict with the Russian Federation? It can't be called anything else," Putin told senior news agency editors in the northern Russian city of St Petersburg. Putin added that even if Germany did supply the missiles, it would have no impact on the ultimate course of the war, adding that Russian troops were advancing in all directions. Asked if he was willing to speak to Merz, Putin, a fluent German speaker who served as a KGB spy in former East Germany, said he was ready to. "If the Federal Chancellor wants to call and talk, I have already said this many times - we do not refuse any contacts. And we are always open to this," Putin said. Putin added, though, that he did not consider that Germany was a neutral mediator when it came to the war in Ukraine given the presence of German tanks on the battlefield. "We consider the Federal Republic, just like many other European countries, not a neutral state, but as a party supporting Ukraine, and in some cases, perhaps, as accomplices in these hostilities," Putin said. (Reporting by Simon Robinson and Vladimir SoldatkinEditing by Andrew Osborn/Guy Faulconbridge)
Nahar Net
2 days ago
- Business
- Nahar Net
Putin to take questions from international journalists
by Naharnet Newsdesk 18 June 2025, 15:04 Russian President Vladimir Putin is set to take questions Wednesday from international journalists on the sidelines of the St. Petersburg International Economic Forum. Putin scheduled a roundtable session with senior news leaders of international news agencies, including The Associated Press. Among other issues, he's expected to spell out Moscow's position on the conflict between Israel and Iran that he offered to help mediate in a weekend call with U.S. President Donald Trump. Russia has maintained a delicate balancing act in the Middle East for decades, trying to navigate its warm relations with Israel even as it has developed strong economic and military ties with Iran, a policy that potentially opens opportunities for Moscow to play power broker to help end the confrontation. Putin's comments will also be watched closely for clues to his strategy in the three-year conflict in Ukraine, where Russia has intensified its aerial campaign and stepped up ground attacks along the more than 1,000-kilometer (over 600-mile) front line. He has effectively rejected Trump's offer of an immediate 30-day ceasefire, making it conditional on a halt on Ukraine's mobilization effort and a freeze on Western arms supplies. The Russian leader has used the annual forum to highlight Russia's economic achievements and seek foreign investment. Western executives, who attended the event in the past, have avoided it after Putin sent troops into Ukraine in February 2022, leaving it to business leaders from Asia, Africa and Latin America. On the sidelines of the forum, Putin is set to have meetings with Indonesian President Prabowo Subianto and former Brazilian President Dilma Rousseff, who now heads the New Development Bank created by the BRICS alliance of Brazil, Russia, India, China and South Africa. He's also expected to confer with top officials from China, South Africa and Bahrain and the head of the OPEC group of oil-producing countries. On Friday, he is set to attend a panel discussion at the forum, a venue he has used to make policy statements.
3 days ago
- Business
Putin is set to take questions from international journalists
ST. PETERSBURG, Russia -- ST. PETERSBURG, Russia (AP) — Russian President Vladimir Putin is set to take questions Wednesday from international journalists on the sidelines of the St. Petersburg International Economic Forum. Putin scheduled a roundtable session with senior news leaders of international news agencies, including The Associated Press. Among other issues, he's expected to spell out Moscow's position on the conflict between Israel and Iran that he offered to help mediate in a weekend call with U.S. President Donald Trump. Russia has maintained a delicate balancing act in the Middle East for decades, trying to navigate its warm relations with Israel even as it has developed strong economic and military ties with Iran, a policy that potentially opens opportunities for Moscow to play power broker to help end the confrontation. Putin's comments will also be watched closely for clues to his strategy in the three-year conflict in Ukraine, where Russia has intensified its aerial campaign and stepped up ground attacks along the more than 1,000-kilometer (over 600-mile) front line. He has effectively rejected Trump's offer of an immediate 30-day ceasefire, making it conditional on a halt on Ukraine's mobilization effort and a freeze on Western arms supplies. The Russian leader has used the annual forum to highlight Russia's economic achievements and seek foreign investment. Western executives, who attended the event in the past, have avoided it after Putin sent troops into Ukraine in February 2022, leaving it to business leaders from Asia, Africa and Latin America. On the sidelines of the forum, Putin is set to have meetings with Indonesian President Prabowo Subianto and former Brazilian President Dilma Rousseff, who now heads the New Development Bank created by the BRICS alliance of Brazil, Russia, India, China and South Africa. He's also expected to confer with top officials from China, South Africa and Bahrain and the head of the OPEC group of oil-producing countries. On Friday, he is set to attend a panel discussion at the forum, a venue he has used to make policy statements.
