Bangladesh gets BRICS bank membership

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

The NDB Board of Governors took this decision in a meeting held on 20 August 2021.

NDB President Marcos Troyjo said, "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."

Finance Minister AHM Mustafa Kamal said, "Membership of Bangladesh to NDB has paved way for a new partnership at a momentous time of 50th anniversary of our independence. It is an important step forward in meeting the development vision of our Honorable Prime Minister Sheikh Hasina. 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."

He thanked the NDB board for the quick approval.

Recalling Vision 2041 and the goal to achieve the SDGs, the finance minister expressed a deep commitment to elevate the status of Bangladesh to the level of developed countries within the next 20 years by improving the economic and social standards.

The minister highlighted that the Bangladesh economy, which has been moving ahead at a tremendous pace for the last decade, will need a substantial amount of external financing required to sustain the development initiatives.

"Membership of NDB will give us a significant channel for that", he added.

After a round of successful negotiations with prospective members in late 2020, NDB has decided to increase its global outreach with the announcement of Bangladesh, UAE and Uruguay as the first countries admitted into the Bank.

Accession into NDB has opened a fresh window for Bangladesh to become a member of a premier development institution for emerging market economies towards achieving the goals focusing on the development agenda of Bangladesh.

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

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