Bangladesh joins New Development Bank as member state

Bangladesh has joined the New Development Bank (NDB), a multilateral development bank established by the BRICS countries, as a member state.

The joining has been confirmed after the country submitted its Instrument of Accession to the Brazil government on September 16, said a press release of the finance ministry today.

Earlier on August 20, the NDB board of governors, in a meeting, approved Bangladesh as a new member state of the bank established by the BRICS, an alliance of Brazil, Russia, India, China and South Africa.

NDB President Marcos Troyjo conveyed the matter to Finance Minister AHM Mustafa Kamal through a message and extended warm congratulations, the ministry said.

Since its inception, the New Development Bank has provided about $30 billion in loan assistance to member countries for 80 different projects related to physical and social infrastructure and urban development.

The assistance of the bank will play a special role in Bangladesh to develop the emerging market economy and will be conducive to the sustainable development of the country, it said.