New Development Bank Bill placed in JS

The New Development Bank Bill, 2023 was placed in parliament today to welcome funds from the lending arm of the BRICS.

BRICS is a grouping of Brazil, Russia, India, China, and South Africa formed by the 2010 addition of South Africa to the predecessor BRIC.

Law Minister Anisul Huq placed the proposed law in parliament on behalf of Finance Minister AHM Mustafa Kamal who was not present in the House at that time.

Later, the bill was sent to the respective parliamentary standing committee to examine it. The committee was asked to submit its report within seven days.

According to the objective 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 five founding members and a total of eight countries including Bangladesh, United Arab Emirates and Egypt are its member.

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.