Bangladesh finally acquired 1 per cent share in the Shanghai-based New Development Bank (NDB).
The board of the Shanghai-based multilateral development lender approved membership of three countries — Bangladesh, the United Arab Emirates and Uruguay.
China-sponsored bloc’s summit officially declared that Dhaka is now taking preparation to pay its subscription to the NDB, formerly known as BRICS Bank.
Another MoF official said Dhaka will have to pay some $400 million in the next seven years for becoming a shareholder of the bank.
Finance Minister AHM Mustafa Kamal negotiated with NDB President Omarcos Troyjo at a meeting for at least 1-percent stake.
The bank of the newly emerging economies, including the second-largest world economy, China boasts an authorized capital of US$100 billion.
According to the NDB plan, the BRICS countries would offload 49-percent shares among the aspirant countries.
The MoF official said Bangladesh’s effort to strengthen the South-South cooperation would also get a boost by joining the Shanghai-based lending agency.
Source: The Financial Express