Pakistan has sought Bangladesh's support to get membership in the New Development Bank (NDB), formerly BRICS Development Bank, a multilateral development bank.
Pakistan's Minister for Economic Affairs Ahad Khan Cheema recently wrote to Finance Adviser Dr Salehuddin Ahmed, seeking the support, sources said.
The Pakistan High Commission in Dhaka forwarded a note verbale in this regard through the foreign affairs ministry of Bangladesh.
Currently, Bangladesh and Pakistan are also members of different regional blocs, including SAARC.
In the communication, the Pakistan minister said his country expressed the interest in joining the NDB in May this year.
In Kazan, the BRICS leaders expressed their strong support for further expansion of NDB membership and expedited consideration of applications in line with the NDB General Strategy and related policies, he said.
Explaining the economic situation, the minister said Pakistan has a strong track record of supporting and advocating for the rights, interests, and needs of developing countries at multilateral forums.
Pakistan's economy is steering ahead on the growth path with GDP, in nominal terms, currently ranked 42nd in the world. In terms of Purchasing Power Parity (PPP), Pakistan's economy stands as the 22nd largest in the world.
Mr Khan expressed his country's readiness to subscribe 1.0 per cent of the Bank's share capital, equivalent to US$ 500 million, to obtain the NDB membership.
He also expressed the hope to contribute to the ongoing efforts by the NDB and its members to promote sustainable development, especially among developing countries.
The bank is headquartered in Shanghai, China. The NDB entered into force in July 2015 with the official declaration of all five founding members of the bank -Brazil, Russia, India, China and South Africa. Bangladesh, United Arab Emirates, and Egypt are the new members.
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