Bangladesh Finance Minister Abul Maal Abdul Muhith announced Bangladesh’s decision to join the $50 billion New Development Bank formed by Brazil, Russia, India, China, and South Africa (BRICS) as an alternative source of development funding other than the World Bank and International Monetary Fund (IMF).

Bangladesh is currently a borrower of the World Bank, IMF, Asian Development Bank (ADB), Islamic Development Bank (IDB) and other bilateral and multilateral lenders. It is also a shareholder of the World Bank and IDB, and a regional lender of the ADB. However, these shares are not significant and funds provided are not enough to meet the development needs of Bangladesh as well as the rest of the region.

In joining the New Development Bank, Bangladesh will have more options to receive concessional investments, further develop the country’s infrastructure, and lessen loan costs from multinational banks. Bangladesh is also interested in joining the Asian Infrastructure Investment Bank proposed by China.
 

Related Links:

Bangladesh Keen to Join BRICS Bank
Bangladesh All Set to Join $50bn BRICS Bank
Bangladesh Decides To Join BRICS Bank: Muhith