New Development Bank (NDB) Vice President Vladimir Kazbekov reassured Bangladesh of enhanced economic relations and increased collaborations for sustainable development.

The pledge came during a meeting with Bangladesh's Finance Minister Abul Hassan Mahmood Ali on Sunday.

The meeting was held at the Economic Relations Division (ERD) office, marking the initiation of a seven-member NDB delegation's visit to Bangladesh from January 21 to 23, 2024.

The NDB is a multilateral development bank established by Brazil, Russia, India, China and South Africa (BRICS) with the purpose of mobilising resources for infrastructure and sustainable development projects in emerging markets and developing countries

In the meeting, the finance minister extended a warm welcome to the NDB vice president, expressing gratitude for the NDB's active involvement in critical projects.

These projects include the establishment of a new water supply network and the replacement of the ageing gas network in Dhaka and Narayanganj.

Discussions revolved around advancing infrastructural development in diverse sectors such as transport, clean energy, energy efficiency, water and sanitation, and tourism.

Highlighting Bangladesh’s promising growth trajectory, the finance minister emphasised the need for substantial investments in key sectors, proposing unconventional means like blended finance, private sector facilitation, policy support, and increased concessional climate finance.

In the face of the ongoing global financial crisis, he expressed hope for NDB to innovate new financial instruments supporting both public and private sector development.

The proposal to explore multi-currency operations in Bangladesh was also on the agenda.

Vice President Kazbekov congratulated Finance Minister Mahmood Ali on his recent appointment as minister and commended the new government under the leadership of Prime Minister Sheikh Hasina.

He assured a deepening of economic relations and increased collaborations to support Bangladesh's sustainable development initiatives.

Bangladesh, as the first country to join NDB after its original members in September 2021, holds a unique position in this partnership.

Having completed its tenure as the initial director for a constituency formed with the United Arab Emirates (UAE) and Egypt from September 2021 to June 2023, Bangladesh ratified "The New Development Bank Act, 2023" in November 2023.

The ongoing visit involves discussions with high-level government officials and dignitaries, focusing on potential financing opportunities to contribute to Bangladesh's journey towards a higher development trajectory.