BRICS bank membership to open new avenue of foreign financing: PM

Prime Minister Sheikh Hasina has termed Bangladesh’s membership within the New Growth Financial institution as a time-befitting achievement that may open a brand new avenue of international financing.

She stated it is going to play a supportive function in attaining the nation’s growth objectives.

Bangladesh has joined the New Growth Financial institution (NDB), a multilateral growth financial institution arrange by Brazil, Russia, India, China and South Africa (BRICS), as a member state.

The becoming a member of was confirmed after the nation submitted its “Instrument of Accession” to the Brazilian authorities on September 16, stated the Bangladesh Everlasting Mission at UN yesterday.

The NDB — established by BRICS in 2015 — earlier initiated its membership growth and welcomed the admission of Bangladesh, the UAE, and Uruguay as new members.

NDB’s board of governors authorised the financial institution to conduct formal negotiations with potential members in late 2020.

After a spherical of profitable negotiations, the NDB permitted the admission of the UAE, Uruguay and Bangladesh as its first new members.

The NDB was arrange by Brazil, Russia, India, China and South Africa to mobilise sources for infrastructure and sustainable growth tasks in BRICS and different rising economies and growing nations, complementing the prevailing efforts of multilateral and regional monetary establishments for international development and growth.

The multilateral growth financial institution has an authorised capital of $100 billion, which is open for subscription by members of the United Nations.