Bangladesh wants to join the new BRICS development bank as a founding member.

[sree45]

Bangladesh is looking into joining the BRICS bank a local newspaper is reporting.

The Dhaka-based Financial Express reported, citing unnamed officials in the Ministry of Finance, that Bangladesh is “actively weighing” the possibility of joining the new $50 billion BRICS development bank.

“We will ask the Bangladeshi ambassadors to the BRICS countries to know details about the proposed global bank. After getting details we will decide on our joining in the framework,” the newspaper quoted one Finance Ministry official as saying. “If the details are found favorable, Bangladesh might consider becoming a proud founding-member with a good amount of fund contribution.”

Bangladesh currently gets huge amounts of development funds from a number of multinational institutions including the World Bank, the International Monetary Fund and the Asian Development Bank. Indeed, in the Fiscal Year 2012-2013, Bangladesh received some $2.78 billion from various donor countries and agencies. Much of this aid goes to building infrastructure to help power the developing economy.

At times, however, Bangladesh has clashed with multilateral institutions like the World Bank over the conditions those agencies attach to their loans. an MoF official quoted by the Financial Express said that Bangladesh hopes the BRICS bank can offer the country loans without as many conditions.

“If the BRICS initiative succeeds, we are hopeful of getting more soft and concessional loans in addition to the continuous support from the existing global and regional lenders,” the official said.

As The Diplomat has previously reported, earlier this month at the 6th BRICS summit in Brazil, the BRICS grouping agreed to the creation of a new multilateral development bank with initial startup funding of $50 billion. The bank will also maintain a currency reserve of $100 billion. The BRICS banks will be headquartered in Shanghai, with the first president of the bank coming from India.

The BRICS bank represents merely one part of a more general push by China to play a more active role in global development. Beijing is also at the forefront of an effort to create another $50 billion development bank, which is being referred to as the Asian Infrastructure Investment Bank. More generally, President Xi Jinping has also launched initiatives aimed at creating a new Silk Road Economic Belt as well as a Maritime Silk Road. All of these initiatives are expected to focus heavily on infrastructure development, which could benefit Bangladesh greatly.

In addition, India is expected to propose the creation of a SAARC Development Bank modeled off of the BRICS bank at the regional grouping’s ministerial council this week in Bhutan.

Bangladesh Wants to Join BRICS Bank | The Diplomat

another rawamy conspiracy?

 

[Friei Indien]

membership doesnt come for free, Chinese being the richest member contributed $41 billion while India, Russia and Brazil $18 billions each. i dont think that B'desh can afford it.

 

[-1o1-]

They are kidding right ? Im wondering what they can contribute other than PRAN Lichee juice.

 

[Chinese-Dragon]

membership doesnt come for free, Chinese being the richest member contributed $41 billion while India, Russia and Brazil $18 billions each. i dont think that B'desh can afford it.

That's for the currency reserve pool.

For the starting capital of the BRICS bank, each country contributed an equal amount ($10 billion), and each country received an equal share.

It's $10 billion for the starting capital, around $20 billion for the currency reserve pool.

That's $30 billion upfront to be a founding member, though we expect to double the capital of the BRICS bank fairly soon.

 

[cirr]

Welcome BD bros with open arms。

 

[asad71]

membership doesnt come for free, Chinese being the richest member contributed $41 billion while India, Russia and Brazil $18 billions each. i dont think that B'desh can afford it.

We are members of WB, ADB and IDB. Obviously BRICS Bank will look for new members to expand its base. Except for the size, our economy is doing better than India's.

 

[sree45]

We are members of WB, ADB and IDB. Obviously BRICS Bank will look for new members to expand its base. Except for the size, our economy is doing better than India's.

It's not about being a member. BD wants to become a FOUNDING MEMBER (That's what the report suggests). Is BD in a position to pledge 30 billion dollars to the bank?

 

[damiendehorn]

It's not about being a member. BD wants to become a FOUNDING MEMBER (That's what the report suggests). Is BD in a position to pledge 30 billion dollars to the bank?

Lol....politicians, I think what he meant was a member of BRICS bank in general. BD is doing well and growing fast (relative to others) and it's foreign reserves, economy etc is expected to expand further rapidly but, no it's not putting in anywhere near that amount. It'll prob put a few billion into the coffers relative to its size mostly.

Much of this is prompted by China, who want this bank as a counter weight to the world bank...well let's see.

 

[Friei Indien]

We are members of WB, ADB and IDB. Obviously BRICS Bank will look for new members to expand its base. Except for the size, our economy is doing better than India's.

your stupidity knows no bounds, BD needs $30 billion to become a founding member of the BRICS bank and u cannot pay this much amount even with your forex reserves which is hardly $20 billion.

 

[Shanba]

I wish to join the BRICS bank as a founding member as well

 

[danger007]

joke of the century. .

 

[ShivajiBhosale]

Is BD in a position to pledge 30 billion dollars to the bank?

Half of their population is living in India and they need to take care of them first.

 

[KRAIT]

Modi is also thinking of SAARC bank.

We should have Bangladesh in BRICS banks. And I hope SAARC banks becomes a reality too.

This way we can get out of clutches of WB and IMF.

For founding member, $ 10 billion as initial amount.

 

[Lord ZeN]

We are members of WB, ADB and IDB. Obviously BRICS Bank will look for new members to expand its base. Except for the size, our economy is doing better than India's.

Not really India is projected to Achieve economic growth of about 5.9% in 2014-15 & 6.5% in 2015-16.
You should note that India used to have economic growth of about 8% untill 2011.

 

[asad71]

It's not about being a member. BD wants to become a FOUNDING MEMBER (That's what the report suggests). Is BD in a position to pledge 30 billion dollars to the bank?

Nope, 30 blln is not the flat rate.And in spite of India's jealousy / jalan we are going to get the membership. China is sponsoring us.