Desk Report: Putting an end to all speculations, Bangladesh is set to become a member of the New Development Bank (NDB), a BRICS alliance formed with the initials of Brazil, Russia, India, China and South Africa. A virtual meeting between Finance Minister AHM Mustafa Kamal and NDB President Marcos Prado Troyjo took place at noon on February 2 (Tuesday). The meeting was attended by concerned officials of Finance Department, Economic Relations Department and NDB.
Informing about the unimaginable achievements of Bangladesh in the last 12 years, the Finance Minister said, “Bangladesh has all the conditions given for membership, so I am hopeful that Bangladesh will be able to become a member of NDB soon.” The NDB president also agreed on Bangladesh’s progress. He actively considered Bangladesh’s proposal. He hopes to visit Bangladesh with his family soon.
Note that the official journey of NDB started on July 21, 2015. The total capital of the bank is 10 trillion US dollars. And the initial capital is 5 thousand crore dollars. Since 2016, the NDB has provided1.5 billion in loans to BRICS countries for infrastructure and sustainable development.
In addition, the bank provides loans for projects related to infrastructure, irrigation, water resources management, sewerage, green energy and urban development. The bank is carrying out various activities in the member countries to address the challenge of the Kovid-19 epidemic. In 2020, the bank approved a total of ৭ 25.6 billion in loans for 72 projects.
If you are a member of the bank, you can participate in the purchase of goods and services of the bank for Bangladesh, create the opportunity to borrow at affordable interest rates; Opportunities to participate in the Bank’s strategies, policies, procedures and activities and employment opportunities for the citizens of the member countries are expected to be created.
After Bangladesh is upgraded from a Least Developed Country (LDC) to a developing country in Qatar in 2028, the opportunity to get a loan on easy terms will be limited. In addition, the NDB will initiate a new source of funding for Bangladesh to address the challenges of the 5th Five-Year Plan (2021-2025), Sustainable Development Goals (SDGs), Vision-2041, Delta Plan implementation and COVID-19.