Six years on, Bangladesh has agreed to be a part of the BRICS Bank initiative at a time when the bank has amassed $100 billion with an initial capital of $50 billion. The Agreement on the New Development Bank or NDB entered into force in July 2015. Mustafizur Rahman, a distinguished fellow at the Centre for Policy Dialogue, sees three key benefits for Bangladesh of joining the BRICS Bank. The World Bank, the Asian Development Bank, Japan International Cooperation Agency and others are supporting the government with funds to achieve the Sustainable Development Goals, for which the country needs $1 trillion in 15 years, or 20 percent of the GDP annually. “Many initially thought that it (BRICS Bank) would be more stringent in terms of oversight, rules, etc…, but that was not the case.

Source: bd News24 December 24, 2020 03:45 UTC