Petro Seeks Alternative Funding for Colombia Amid US-China Tensions

Colombia seeks alternative funding amid US opposition to Chinese projects. The United States has firmly opposed the Inter-American Development Bank (IDB) financing projects involving Chinese state-owned companies in Colombia. In response, President Gustavo Petro met with the president of the New Development Bank (NDB), a multilateral institution established by the BRICS nations. Petro tweeted, "It seems correct that US-funded banks do not finance projects they consider within their own area of competence. My government will respect that principle." This move signals Colombia's exploration of alternative funding sources for key infrastructure projects. The NDB, backed by Brazil, Russia, India, China, and South Africa, presents a potential alternative to traditional Western financial institutions.