On January 23, 2024, a high-level delegation from the New Development Bank (NDB) concluded their inaugural visit to Bangladesh to strengthen ties and explore potential collaborations for Bangladesh’s infrastructure and sustainable development initiatives. The delegation was headed by the NDB’s Vice-President and Chief Operating Officer, Mr. Vladimir Kazbekov.
During the visit, the delegation met with the newly appointed Finance Minister, Mr. Abul Hassan Mahmood Ali, MP; Minister of Local Government, Rural Development and Co-operatives, Mr. Md. Tazul Islam, MP; Governor of Bangladesh Bank, Mr. Abdur Rouf Talukder and other senior private and public sector leaders. Discussions primarily focused on advancing infrastructural development across various economic sectors.
Two projects with a funding potential of USD 760 million are currently being considered by the Bank. These involve the establishment of a new water supply network in select areas of the city of Dhaka and the replacement of aging gas pipelines in Dhaka and Narayanganj. Several other potential infrastructure and sustainable development projects were also identified by the Bank. The proposal to explore multi-currency operations in Bangladesh was also discussed.
In his remarks, Mr. Abul Hassan Mahmood Ali emphasised Bangladesh’s promising growth trajectory, highlighting the need for new ways of raising finance for development purposes such as blended finance, public/private sector collaboration, policy support, and increased support for climate finance related projects.
In response, Mr. Vladimir Kazbekov, congratulated the finance minister on his recent appointment and emphasised the NDB’s commitment to working closely with Bangladesh in financing infrastructure and sustainable development projects which align with Bangladesh’s growth trajectory.
About New Development Bank
NDB was established in 2015 by Brazil, Russia, India, China, and South Africa to mobilise resources for infrastructure and sustainable development projects in BRICS and other emerging market economies and developing countries. In 2021, NDB initiated membership expansion and admitted Bangladesh, Egypt, United Arab Emirates and Uruguay as its new member countries.
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