SANGSAD BHABAN, Nov 1, 2023 (BSS)- New Development Bank Bill-2023 was passed
in the Jatiya Sangsad (JS) today aiming to welcome funds from the lending arm
of the BRICS bloc of developing nations.
 
Law, Justice and Parliamentary Affairs Minister Anisul Huq on behalf of
Finance Minister AHM Mustafa Kamal moved the bill which was unanimously
passed by voice votes in the House with Speaker Dr Shirin Sharmin Chaudhury
in the chair.
 
The government expects US$800 million from the NDB to fund two projects after
the law comes into effect, said the minister while placing the bill.
 
The multi-lateral development bank, launched by Brazil, Russia, India, China
and South Africa in 2015, expanded membership in 2021 to include Bangladesh,
the United Arab Emirates (UAE), Egypt and Uruguay.
 
Bangladesh also sought membership of BRICS, but the group invited Saudi
Arabia, Iran, Ethiopia, Egypt, Argentina and the UAE during its just-
concluded summit in South Africa.
 
BRICS's Shanghai-headquartered lender NDB has signed off on more than 80
projects in the five original member countries. The value of the projects
exceeds $30 billion and they are in sectors from transport, water and
sanitation to clean energy and digital and social infrastructure.
 
Huq said global and multilateral development banks, such as the World Bank
and the Asian Development Bank, need legal protection for financing for which
the new law has been drafted.
 
The legal issues related to such development partners include tax waivers for
their staff members, he added.