BRICS-backed Bank to Lend $1B to Bangladesh This Year

The BRICS-backed New Development Bank (NDB) plans to increase its lending to Bangladesh, aiming to provide $1 billion for development projects this year, a senior official from the Shanghai-based bank announced today.

Vladimir Kazbekov, Vice-President and Chief Operating Officer of NDB, confirmed that the bank had already approved $320 million for the Expanded Dhaka City Water Supply Resilience project. However, in light of Bangladesh's growing development needs, NDB intends to significantly increase this amount in 2025.

Kazbekov made these remarks during a meeting with Chief Adviser Professor Muhammad Yunus at the State Guest House Jamuna.

The Chief Adviser expressed appreciation for NDB’s role, highlighting its potential to significantly enhance Bangladesh's infrastructure development. Kazbekov also emphasized NDB’s commitment to supporting Bangladesh’s gas sector infrastructure and expressed interest in boosting lending to the country’s private sector to strengthen its capacity.

The Chief Adviser stressed the importance of NDB's involvement in social infrastructure, particularly housing for workers in Bangladesh’s expanding economic zones. Kazbekov further noted that NDB’s introduction of multi-currency lending would benefit Bangladesh’s financing needs.

Shahriar Kader Siddiqi, Secretary of the Economic Relations Division, suggested that NDB focus on developing country strategy programs for Bangladesh to better align its financing with the country's development priorities.

The meeting was also attended by BIDA Executive Chairman Chowdhury Ashik Mahmud Bin Harun, SDG Coordinator Lamiya Morshed, and ERD Secretary Shahriar Kader Siddiqi.