The government is going to make a law to implement the agreement to establish the “New Development Bank”. For this purpose, ‘New Development Bank Bill-2023’ has been raised in the National Parliament.
Law Minister Anisul Haque presented the bill in Parliament on behalf of Finance Minister AHM Mustafa Kamal. Later, the bill was examined and sent to the Parliamentary Standing Committee on Finance Ministry with a week’s time.
According to the statement containing the purpose and reasons of the bill, the BRICS alliance consisting of Brazil, Russia, India, China and South Africa established a multinational bank called the New Development Bank (NDB) in 2014 by signing the Agreement on the New Development Bank.
Currently there are 5 founding members and a total of 8 countries including Bangladesh, United Arab Emirates and Egypt. Bangladesh became a member of NDB on 16 September 2021. According to NDB’s Articles of Agreement, the Agreement on the New Development Bank needs to be ratified.
At the time of withdrawing the bill, Law Minister Anisul Haque said in his speech that this bank is being made from the BRICS group. This is New Development Bank and those who become members of this bank can take loans from this bank.
As soon as we do this banking act, they are already ready to give loans to us, that is Bangladesh, as per our proposal. We will become members of that agreement only after this act is passed. I can take that loan only after becoming a member. That is why it is very important to pass this law, that is why this bill has been brought.
The loan that will be given from this bank will not be given only in dollar, it is a flexible, sterling pound, Euro, dollar, ruble, yuan, this bank can give loan in any currency. That’s why I think it is becoming a very sophisticated bank.
It is a multinational bank, that’s why this law is very necessary so that we can stay with the new journey bank and get the benefits. The road to get the benefits is also clear that the proposal has already been made and they agree, the New Development Bank has agreed to lend to Bangladesh.