Finance Minister AMA Muhith said Bangladesh has decided to join BRICS Bank, an initiative of the world's five emerging economies - Brazil, Russia, India, China and South Africa.
"Yes, it's final. We will join the initiative," he told newsmen after a meeting with Asian Development Bank (ADB) Vice President Laksmi Venkatachalam at his secretariat office Monday.
He, however, said since the formation of Asian Infrastructure Investment Bank (AIIB) is taking time, no decision has yet been taken about joining it.
In mid-July, the five sponsor countries signed an agreement in Brazil to establish BRICS Bank, whose headquarter will be located in Shanghai. The bank, named as New Development Bank (NDB), will aim at easing financing constraints, faced by the BRICS nations and other developing countries, to address infrastructure gaps and sustainable development needs.
Sources said the ministry of finance (MoF) already sent letters to Bangladeshi ambassadors and high commissioners in those countries to know details about the process of joining the bank.
Besides, the finance minister also expressed willingness to join BRICS Bank while talking with Indian High Commissioner in Dhaka Pankaj Saran recently.
According to reports, the bank will have US$100 billion capital, of which China will contribute $41 billion. Besides, Brazil, Russia and India will give $18 billion each, and South Africa $5.0 billion. The bank is scheduled to start lending in 2016, mainly to the developing nations.
The ADB vice president, after the meeting, expressed the hope that Bangladesh would turn into a middle-income nation within a short period of time.
She said ADB will continue supporting Bangladesh to achieve the middle-income nation status.
Ms Venkatachalam said she had talks with Mr Muhith regarding the progress of various ADB-funded projects.
During the talks, importance was given to raising private investment in infrastructure, communication, agriculture, and ICT sectors, she added.
