BRICS-backed bank set to provide $1 billion loan to Bangladesh this year

BRICS-backed bank set to provide $1 billion loan to Bangladesh this year

Apr 10, 2025 - 10:50
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BRICS-backed bank set to provide $1 billion loan to Bangladesh this year
BRICS-backed bank set to provide $1 billion loan to Bangladesh this year

The New Development Bank (NDB), established by the BRICS nations, plans to significantly increase its financial support to Bangladesh, aiming to lend up to US$1 billion for development projects this year, according to Vladimir Kazbekov, Vice-President and Chief Operating Officer of the Shanghai-based multilateral lender. During a meeting with Chief Adviser Professor Muhammad Yunus at the State Guest House Jamuna, Kazbekov noted that the bank has already approved US$320 million for the Expanded Dhaka City Water Supply Resilient Project. However, in light of Bangladesh’s growing development needs, the NDB is looking to more than triple its lending in 2025.

Kazbekov emphasized the bank’s commitment to supporting infrastructure development in Bangladesh, particularly in the gas sector, and expressed interest in extending substantial loans to the private sector to enhance its capacity. Chief Adviser Yunus welcomed the NDB’s involvement, highlighting its potential to significantly contribute to the country’s infrastructure development, especially in social sectors such as housing for workers in emerging economic zones.

Kazbekov also mentioned the NDB's introduction of multi-currency lending, which he said would benefit Bangladesh. Shahriar Kader Siddiqi, Secretary of the Economic Relations Division, urged the bank to develop a country-specific strategy for Bangladesh to ensure alignment with national development goals. Other attendees at the meeting included BIDA Executive Chairman Chowdhury Ashik Mahmud Bin Harun, SDG Coordinator Lamiya Morshed, and ERD Secretary Shahriar Kader Siddiqi.

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