Since its establishment six years ago, the New Development Bank (NDB), an offshoot of the BRICS group of developing nations that began to be viewed as 'emerging economies'. It has approved about 80 projects in all of its member countries, totalling 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. The NDB's membership expansion drive 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. The NDB -- established by BRICS (Brazil, Russia, India, China and South Africa) in 2015 -- has enrolled Bangladesh as a new member. NDB's board of governors authorised the bank to conduct formal negotiations with prospective members in late 2020. At their second annual meeting in 2017, the Board of Governors (BOG) of NDB had agreed to "prepare a list of targeted countries to be invited for admission to the NDB". Norms were laid down: new member will appoint one governor and one alternate; also elect directors and alternates but the number of directors will not exceed ten. 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," said Marcos Troyjo, President of NDB, in a statement today.
"Membership of Bangladesh to NDB has paved the way for a new partnership at a momentous time of the 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.
It was India's Prime Minister Narendra Modi who invited Bangladesh to join the New Development Bank (NDB) or BRICS Bank, which as a multilateral institution mobilises resources for infrastructure and sustainable development projects in emerging economies. Prime Minister Sheikh Hasina had expressed her interest in being a part of the initiative, Indian High Commissioner to Dhaka Vikram Doraiswami said in Dhaka the previous week. The announcement of the invitation to Bangladesh to join the BRICS bank was made at the time.
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