SANGSAD BHABAN, Oct 23, 2023 (BSS) - New Development Bank Bill-2023 was placed

in the Jatiya Sangsad with a view 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 today placed the bill in the House with
Speaker Dr Shirin Sharmin Chaudhury in the chair.
 
The government expects $800 million from the NDB to fund two projects after
the law comes into effect, said the minister while placing the bill.
 
The multilateral development bank, launched by Brazil, Russia, India, China
and South Africa in 2015, expanded membership in 2021 to include Bangladesh,
the United Arab Emirates, Egypt and Uruguay.
 
Bangladesh also sought membership of BRICS, but the group invited Saudi
Arabia, Iran, Ethiopia, Egypt, Argentina and the United Arab Emirates 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 said.

The minister urged the House to send the bill to the concerned parliamentary
standing committee for providing reports within seven days.