Bill proposed in JS to avail NDB loans
Earlier in 2021, Bangladesh became a member of the NDB
Law Minister Anisul Haque presented the New Development Bank Bill 2023 in Parliament yesterday to avail loans from the New Development Bank (NDB), formerly known as the BRICS Development Bank.
The NDB has agreed to provide loans to Bangladesh – which would be available in several other currencies besides dollars, the minister said.
Anisul Haque said, "Members of the bank can avail loans. They [NDB] are ready to give loans to Bangladesh as per our proposal.
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"The bank can give loans in any currency – Pound, Sterling, Euro, Ruble, Yuan etc. That is why, I think, it is more of a modern bank than the World Bank even."
He said, "As it is a multinational bank, the law is very necessary so that we go on with the new journey of the bank and avail the benefits."
The minister raised the bill on behalf of Finance Minister AHM Mustafa Kamal.
It was then sent to the Parliamentary Standing Committee on Finance for examination and a report will be submitted within seven days.
The bank was established by the BRICS countries – Brazil, Russia, India, China, and South Africa.
The proposed Act will enable NDB-funded projects to avail some tax waivers, said the law minister.
Earlier in 2021, Bangladesh became a member of the NDB.
In March this year, NDB officials said they are keen to lend $1b annually.
