Bangladesh to become member of NDB soon: Kamal

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DHAKA, Feb 2, 2021 (BSS) – 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.