Business

Bangladesh joins NDB as new member


By BSS
Published : 25 Sep 2021 09:33 PM | Updated : 05 Oct 2021 10:02 PM

Bangladesh has joined the New Development  Bank (NDB) as its new member as the country has recently submitted its  Instrument of Accession before the government of Brazil.

Erlier on August 20, 2021 the NDB -- established by BRICS (Brazil,  Russia, India, China and South Africa) in 2015 -- enrolled Bangladesh as a  new member in its Board of Governors meeting.

In continuation of that, Bangladesh submitted its Instrument of Accession  before the government of Brazil on September 16 which has ensured the joining  of Bangladesh into the Bank. President of NDB Marcos Trojo has sent a message to Finance Minister AHM  Mustafa Kamal about the recent development and thus extended him a warm  congratulations, said a Finance Ministry press release on Saturday.

With the latest inclusion of Bangladesh, any country outside of the BRICS  alliance got the membership of NDB for the first time.

Mentioning the unprecedented development attained by Bangladesh over the  last one era under the dynamic leadership of Prime Minister Sheikh Hasina,  the Finance Minister said that the demand for foreign assistance has also  increased during this timeframe alongside the country's development.

Kamal hoped that the joining of Bangladesh into the NDB would be  beneficial for both the parties adding that the financing of NDB to  Bangladesh would play an important role to make sustain the country's  development and also to turn Bangladesh as a happy and prosperous country by  2041.

Since its establishment six years ago, NDB has approved about 80 projects  in all of its member countries, totaling 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.

NDB has an authorised capital of US$100 billion, which is open for  subscription by members of the United Nations.

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