Bangladesh to become member of NDB soon: Kamal

Finance Minister AHM Mustafa Kamal today hoped that Bangladesh would soon become a member of the New Development Bank (NDB) as the country has the capacity to fulfill all the criteria to become a member of the bank.

“Bangladesh has all the potentials to fulfill the criteria of becoming a member of the NDB. So, I hope that Bangladesh will soon become a member of this bank,” he said.

The Finance Minister expressed the hope during a virtual meeting with the President of NDB Marcos Prado Troyjo today.

The virtual meeting was held to discuss about the possible incorporation of Bangladesh into the NDB.

The New Development Bank (NDB), formerly referred to as the BRICS Development Bank, is a multilateral development bank established by the BRICS states (Brazil, Russia, India, China and South Africa).

According to a Finance Ministry press release, the meeting discussed various issues related to mutual interests.

The Finance Minister listed the unprecedented successes of Bangladesh in various fields over the last 12 years.

In response, the NDB President lauded the achievements of Bangladesh in various fields as well as assured the Finance Minister of considering the proposals from Bangladesh.

During the meeting, both the Finance Minister and the NDB President discussed about the possible role of Bangladesh at the NDB, the possible loan conditions, the potential investment sectors and other concerned issues.

The meeting was also informed that a technical committee will be formed later for inclusion of Bangladesh into the NDB.

After becoming a member of NDB, Bangladesh will be able to enjoy the NDB’s various services including taking loans with low interest rate, taking part in the bank’s strategy and policy formulation alongside participating in other operations.

The release said NDB would become a new source of funding for Bangladesh since the country is on the verge of graduating from the LDC status to a developing country, facing the challenges for attaining successful recovery from Covid-19.

Bangladesh is also on the right track to implement the 8th Five Year Plan, SDGs, Vision-2041 and the Delta Plan 2100.

The initial authorized capital of the bank is $100 billion divided into 1 million shares having a par value of $100,000 each.

The initial subscribed capital of the NDB is $50 billion divided into paid-in shares ($10 billion) and callable shares ($40 billion).

NDB is currently headquartered in BRICS Tower (former Oriental Financial Centre) in Shanghai The bank is headquartered in Shanghai, China.

The first regional office of the NDB is in Johannesburg, South Africa.