The New Development Bank (NDB) set up by BRICS (Brazil, Russia, India, China and South Africa) in 2015 has included Bangladesh as a new member.
NDB's board of governors authorised the bank to conduct formal negotiations with prospective members in late 2020. After a round of successful negotiations, NDB is extending 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," NDB President Marcos Troyjo said in a 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. Membership in the NDB is an important step forward in meeting the development vision of our Hon'ble Prime Minister, Sheikh Hasina," said Finance Minister AHM Mustafa Kamal.
Bangladesh looks forward to working closely with NDB to build together a prosperous and equitable world for the next generation as dreamt by the Father of the Nation Bangabandhu Sheikh Mujibur Rahman, he 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 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.
NDB's membership expansion is in line with the bank's strategy to become the premier development institution for emerging market economies.
NDB has an authorised capital of US$ 100 billion, which is open for subscription by members of the United Nations.
Reutewrs adds from London: The NDB also admitted the United Arab Emirates and Uruguay as members in its first expansion push.
Brazil, Russia, India, China and South Africa - a group of major emerging economies known as BRICS - launched the bank in 2015 and started formal talks with potential new members last year.
"New members will have in NDB a platform to foster their cooperation in infrastructure and sustainable development," said NDB President Marcos Troyjo in a statement.
"We will continue to expand the bank's membership in a gradual and balanced manner," he said.
Since launch, the Shanghai-headquartered lender has signed off some 80 projects worth $30 billion in all of its five member countries stretching across sectors from transport, water and sanitation to clean energy or digital and social infrastructure.
