Colombia became the first South American country to join a Chinese-backed bank called the New Development Bank. President Gustavo Petro wants to find new ways to pay for major building projects without depending on Western lenders. The government promised to invest 512 million dollars to become a member of this financial group. Foreign Minister Laura Sarabia said the decision helps Colombia build stronger relationships with different countries around the world.
The bank was created by BRICS nations like China, Russia, India, South Africa and Brazil back in 2015. These countries wanted to offer loans with fewer restrictions than traditional banks like the World Bank or International Monetary Fund. Colombia hopes to use this money for a...