Bangladesh, 2 other countries get BRICS bank membership

The New Development Bank (NDB) – established by Brazil, Russia, India, China and South Africa (BRICS) in 2015 – has initiated its membership expansion to three countries including Bangladesh.

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 approved the admission of the United Arab Emirates (UAE), Uruguay and Bangladesh as its first new member countries.

“We are delighted to welcome the UAE, Uruguay and Bangladesh to the NDB family. New members will have in NDB a platform to foster their cooperation in infrastructure and sustainable development,” said Marcos Troyjo, president of NDB. “We will continue to expand the Bank’s membership in a gradual and balanced manner.”

“Membership of Bangladesh to NDB has paved the way for a new partnership at a momentous time of the 50th anniversary of our independence,” said AHM Mustafa Kamal, minister of finance of Bangladesh.

He said membership in the NDB is an important step forward in meeting the development vision of Prime Minister Sheikh Hasina.

“We look forward to working closely with NDB to build together a prosperous and equitable world for our next generation as dreamt by our Father of the Nation Bangabandhu Sheikh Mujibur Rahman,” NDB said in its website quoting Kamal.

Obaid Humaid Al Tayer, minister of state for financial affairs of the UAE said: “The United Arab Emirates membership in the New Development Bank represents a new step to enhance the role of the UAE economy on the global stage, especially in light of the great capabilities and expertise that the country possesses in supporting infrastructure projects and sustainable development. This monumental step would not have been achieved without the vision and direction of the UAE leadership, who believe in the importance of supporting development projects around the world, especially in emerging economies.”

“Uruguay sees in the NDB a great opportunity to harness cooperation with its member countries, aiming to achieve stronger international integration in trade and cross-border investment flows” said Azucena Arbeleche, minister of economy and finance of Uruguay.

Once admitted, a country’s membership to NDB becomes effective when it completes its domestic processes and deposits the instrument of accession.

Since the beginning of its operations, NDB approved about 80 projects for all of its members, totalling a portfolio of $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 be positioned as the premier development institution for emerging economies, it said.

NDB was established by Brazil, Russia, India, China and South Africa to mobilise resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries, complementing the existing efforts of multilateral and regional financial institutions for global growth and development. NDB has an authorised capital of $100 billion, which is open for subscription by members of the United Nations.