The New Development Bank (NDB), established by BRICS (Brazil, Russia, India, China and South Africa) in 2015, has approved Bangladesh as a new member.
The NDB Board of Governors took this decision in a meeting held on 20 August 2020, says a press release.
Finance Minister A H M Mustafa Kamal said, "Membership of Bangladesh to NDB has paved way for a new partnership at a momentous time of 50th anniversary of our independence.”
He said the membership in the NDB is an important step forward in meeting the country’s development vision.
Recalling the Vision 2041 and the goal to achieve the SDGs, the minister expressed deep commitment to elevate the status of Bangladesh to the level of developed countries within the next 20 years by improving the economic and social standards.
He highlighted that the Bangladesh economy, which has been moving ahead with tremendous pace for the last one decade, will need substantial amount of external financing required to sustain the development initiatives.
“Membership of NDB will give us a significant channel for that”, he said.
NDB’s Board of Governors authorised the Bank to conduct formal negotiations with prospective members in late 2020.
After a round of successful negotiations, the NDB is increasing its global outreach with the announcement of Bangladesh, UAE and Uruguay as the first countries admitted into the Bank.
“We are delighted to welcome Bangladesh, one of the world’s fastest growing economies, into the NDB. Bangladesh joining us in the year it celebrates the 50th Anniversary of its Independence is an important milestone,” said Marcos Troyjo, President of NDB.
Bangladesh will have in NDB a new platform to foster cooperation in infrastructure and sustainable development with BRICS and upcoming new members.
Since its establishment six years ago, NDB has approved about 80 projects in all of its member countries, totalling a portfolio of US$ 30 billion.
Projects in areas such as transport, water and sanitation, clean energy, digital infrastructure, social infrastructure and urban development are within the scope of the Bank.
Accession into NDB has opened a fresh window for Bangladesh to become member of a premier development institution for emerging market economies towards achieving the goal focusing the development agenda of the country, the finance ministry release added.