Bangladesh to join Asian Infrastructure Investment Bank

Bangladesh is going to join the proposed Asian Infrastructure Investment Bank spearheaded by China, officials said yesterday.

“We want to become a member of the bank, and as part of it, a memorandum of understanding is likely to be signed with China next month,” Economic Relations Division Secretary Md Mejbahuddin said.

He was talking to reporters after a meeting chaired by Finance Minister AMA Muhith at the finance ministry.

Twenty-three countries, including the USA, Japan, Kuwait, Qatar, Nepal, India and South Korea, have expressed their interest to join the bank. Its approved capital has been estimated at $100 billion.

Atiur Rahman, Bangladesh Bank governor; Mahbub Ahmed, senior secretary to the finance division, and M Aslam Alam, bank and financial institutions division secretary, were also present at the meeting.

The plan of forming the bank was first announced by Chinese President Xi Jinping and Premier Li Keqiang during their visits to southeastern Asian countries in October 2013.

The finance ministry of China in a statement in July this year said the proposed bank would have a capital of $50 billion, to be paid by its members.

The bank would have a mandate to fund infrastructure projects in the region, complementing the work of other such entities, like the Asian Development Bank.

It also said the bank will mainly focus on infrastructure construction in Asia to promote regional connectivity and economic cooperation.