BRICS’s New Development Bank: Bangladesh interested in membership
Bangladesh today expressed its interest in becoming a member of the New Development Bank (NDB) established by BRICS, an informal group of Brazil, Russia, India, China and South Africa.
The proposal was made at a virtual meeting following discussion with NDB President Marcos Troyjo, according to a press release from Finance ministry.
At the meeting, the NDB president promised to consider Bangladesh's proposal to be a member.
"Bangladesh is eligible to fulfill all conditions for becoming a member of NDB as the country has shown tremendous achievement in economic development during the last 12 years," said Finance Minister AHM Mustafa Kamal.
The official journey of NDB started on July 21, 2015 with an initial capital of $50 billion. The total capital of the bank is $100 billion at present.
Since 2016, the NDB has provided $1.5 billion in loans to BRICS member states for infrastructure and sustainable development. In addition, the bank provides loans for projects related to irrigation, water resources management, sewerage, green energy and urban development.
The bank is participating in the activities of the member states to address the challenges of the Covid-19 pandemic.
In 2020, the bank approved a total of $25.7 billion in loans for 72 projects.
The finance ministry said Bangladesh will benefit from becoming a member of the NDB as the membership will enable the nation to borrow at affordable interest rates.
After graduation from least developed country (LDC) status in 2026, the opportunity for loan at low interest rate will be limited for Bangladesh.