The government of Bangladesh is expecting to secure funds amounting to $800 million for two specific projects, following the presentation of the New Development Bank (NDB) Bill-2023 in the Jatiya Sangsad. This was disclosed by Minister Anisul Huq, who presented the bill on behalf of Finance Minister AHM Mustafa Kamal.
The NDB, an initiative of the BRICS bloc that expanded to include Bangladesh in 2021, has financed over 80 projects across its original member nations, with funding exceeding $30 billion. The proposed law is aimed at securing funds from this lending arm of the BRICS bloc.
The bill also emphasized the need for legal protection for global development banks such as the World Bank and the Asian Development Bank. This underlines the importance of safeguarding their financing activities, given their significant role in global development funding.
In spite of Bangladesh’s aspiration to join the BRICS bloc, other countries were invited during the recent South Africa Summit. This highlights the competitive nature of international development funding and the strategic alliances formed to access these resources.
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Source: Investing.com
