Tuesday, 28 September, 2021

NDB admits Bangladesh as new member

  • Diplomatic Correspondent
  • 3 September, 2021 12:00 AM
  • Print news

New Development Bank (NDB) – established by BRICS (Brazil, Russia, India, China and South Africa) in 2015 – has admitted Bangladesh as a new member.

In late 2020, NDB’s Board of Governors authorized the bank to conduct formal negotiations with the prospective members.

After a round of successful negotiations, NDB is increasing its global outreach with the announcement of Bangladesh, UAE and Uruguay as the first countries admitted into the bank.

“We are delighted to welcome Bangladesh, one of the world’s fastest growing economies, into the NDB. Bangladesh joining us in the year it celebrates the 50th Anniversary of its Independence is an important milestone,” said NDB president Marcos Troyjo in a press statement on Thursday.

“Membership of Bangladesh to NDB has paved way for a new partnership at a momentous time of 50th anniversary of our independence,” said Finance Minister AHM Mustafa Kamal.

“Membership in the NDB is an important step forward in meeting the development vision of our Hon’ble Prime Minister Sheikh Hasina,” he said.

“We look forward to working closely with NDB to build together a prosperous and equitable world for our next generation as dreamt by our Father of the Nation Bangabandhu Sheikh Mujibur Rahman,” the minister said.

Bangladesh will have in NDB a new platform to foster cooperation in infrastructure and sustainable development with BRICS and upcoming new members.

Membership to NDB becomes effective once the admitted country completes its domestic processes and deposits the instrument of accession.

Since its establishment six years ago, NDB has approved about 80 projects in all of its member countries, totaling a portfolio of $30 billion.

The 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’s membership expansion is in line with the bank’s strategy to become the premier development institution for emerging market economies.

NDB was established to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries.

It aims to complement the existing efforts of multilateral and regional financial institutions for global growth and development.

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