New Development Bank to lend $1 billion to Bangladesh this year

The bank has already approved $320 million for the implementation of the Expanded Dhaka City Water Supply Resilient project

The New Development Bank (NDB), established by the BRICS nations, plans to lend $1 billion for development projects in Bangladesh this year.

Vladimir Kazbekov, the bank’s vice president, said that the NDB has already approved $320 million for the implementation of the Expanded Dhaka City Water Supply Resilient project.

However, keeping in mind the development needs of Bangladesh, the bank aims to more than triple the amount of financing this year.

According to the state-run news agency Bangladesh Sangbad Sangstha (BSS), Kazbekov made the statement during a meeting with Chief Advisor Muhammad Yunus at the State Guest House Jamuna in Dhaka on Tuesday.

The chief advisor welcomed the role of the new multilateral lending institution and said it can make a significant contribution to the development of Bangladesh’s infrastructure.

Kazbekov said that the NDB has committed to providing substantial support for the development of the country’s gas sector infrastructure.

He also noted that the NDB is interested in offering significant loans to build capacity in the private sector.

Yunus emphasised the need for loans to support social infrastructure, including housing, particularly for the thousands of workers employed across the country’s economic zones.

Kazbekov said that the NDB has launched a multi-currency lending programme, which will be beneficial for Bangladesh.

Shahriar Kader Siddiky, secretary of the Economic Relations Division, said the NDB should launch a “Country Strategy Programme” for Bangladesh to ensure that its financing aligns with national development priorities.