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12:00 AM, August 20, 2014 / LAST MODIFIED: 01:53 AM, March 08, 2015

Bangladesh keen to join BRICS Bank

Bangladesh keen to join BRICS Bank

Star Business Report

Bangladesh is willing to join the newly-formed BRICS Bank though the multilateral development bank is yet decide on whether it would include any country outside the five founder nations.

“We have decided to join BRICS Bank,” Finance Minister AMA Muhith told reporters after a meeting yesterday with Asian Development Bank Vice-President Lakshmi Venkatachalam at his secretariat.

Officially called the New Development Bank (NDB), it was formed in July 2013 by the emerging markets of Brazil, Russia, India, China and South Africa as an alternative to the US-dominated World Bank and International Monetary Fund.

Each of the five nations will initially contribute $10 billion to bring the bank's starting capital to $50 billion. Its primary focus of lending, scheduled to start in 2016, will be infrastructure projects.

However, NDB is yet to decide on whether it would give membership to any country other than its founder members.

Finance ministry sources said the Economic Relations Division has sent a letter to Bangladesh ambassadors in the five countries to enquire whether the country can join the bank.

Bangladesh has also communicated to Indian High Commissioner in Dhaka Pankaj Saran its willingness to become a member of NDB.

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