• January 20, 2022

New Development Bank approves Bangladesh as a new member

The New Development Bank (NDB) established by the BRICS ((Brazil, Russia, India, China and South Africa) countries in 2015 has approved Bangladesh as its new member. The NDB Board of Governors initiated the negotiation to expand its membership in 2020. It has now approved the United Arab Emirates, Uruguay and Bangladesh as its first new member countries.

Minister of Finance of Bangladesh A H M Mustafa Kamal said that Membership of Bangladesh to NDB has paved way for a new partnership at a momentous time of 50th anniversary of its independence. He said that the membership in the NDB is an important step forward in meeting the development vision of Prime Minister, Sheikh Hasina.

After approval of the Board, the country is required to complete its domestic processes and deposit the instrument of accession.

Since the beginning of its operations, NDB has approved about 80 projects totaling a portfolio of USD 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, said a press release of the bank.

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