Bangladesh to get $1b from BRICS-backed bank

The New Development Bank (NDB), founded by BRICS nations, is set to significantly expand its financial engagement with Bangladesh by raising its total lending to $1 billion this year, a top official announced during a high-level meeting in Dhaka on Tuesday.

Vladimir Kazbekov, Vice-President and Chief Operating Officer of the Shanghai-based multilateral lender, revealed the plan during a meeting with Chief Adviser Professor Muhammad Yunus at the State Guest House Jamuna.

Kazbekov confirmed that NDB has already approved $320 million for the Expanded Dhaka City Water Supply Resilient Project. However, in response to Bangladesh’s growing infrastructure and development demands, the bank intends to more than triple its funding within the year.

“The NDB is committed to supporting Bangladesh in its development journey. We are looking to increase our footprint not only in public infrastructure but also in the private sector,” said Kazbekov.

He noted the bank's interest in financing projects in the gas sector infrastructure and emphasized NDB’s readiness to support social infrastructure initiatives, including housing for workers in the country’s expanding economic zones.

Professor Yunus welcomed NDB’s increasing engagement, highlighting the importance of multilateral financing in accelerating national development. “The role of institutions like the NDB is critical in helping countries like Bangladesh build sustainable and inclusive infrastructure,” he said.

Kazbekov also introduced NDB’s multi-currency lending model, which he said would benefit Bangladesh by providing flexible financial options aligned with market needs.

Economic Relations Division (ERD) Secretary Shahriar Kader Siddiqi urged the NDB to adopt a country-specific strategy for Bangladesh to better align funding with the nation’s development priorities.

Also present at the meeting were BIDA Executive Chairman Chowdhury Ashik Mahmud Bin Harun and SDG Coordinator Lamiya Morshed, both of whom reiterated the government’s commitment to strengthening partnerships with international development institutions.

The NDB’s renewed focus on Bangladesh signals growing international confidence in the country's economic outlook and highlights the expanding role of emerging market-led financial institutions in global development financing.