Wednesday, August 20, 2014

Bangladesh to join BRICS Bank, AIB:Daily Sun

  Bangladesh is heading toward joining the five-nation BRICS (Brazil, Russia, China, India and South Africa) Bank and the China-led Asian Infrastructure Bank (AIB), Finance Minister AMA Muhith has said. “Official procedure is underway to join in the BRICS Bank and AIB as per the previously announced stance,” Muhith told reporters at his secretariat office immediately after holding a meeting with v
ice president of the Asian Development Bank (ADB) Tuesday. Muhith said separate letters have been sent to Bangladesh’s ambassadors in BRICS member countries seeking information about the proposed banks. He said the government’s interest to join the BRICS Bank was conveyed earlier during a call-on with the Indian Ambassador in Dhaka. With regard to joining the proposed AIB Bank, the finance minister said it might take some time mainly due to delay by the side of the main initiator, China. Reports say the proposed banks target to commence operation with a start-up capital of $100 billion each to help the developing and under-developing economies to strengthen their infrastructure capacity. Meanwhile, following an invitation from China in May this year, the government has already expressed its interest to join the AIB. As part of its stance, concerned agencies including, Bangladesh Bank have been asked to find out critical aspects about joining the AIB. China has moved to establish the AIB as it sees infrastructure as one of the key prerequisites for Asian economies. The decision of establishing a bank came after visits of Chinese President Xi Jinping and Premier Li Keqiang to different Asian countries early this year with the view to support infrastructure construction and promote regional development and cooperation among the Asian nations. China announced that it alone will contribute $50 billion for the bank and the other member-countries will provide the rest. According to Finance Ministry sources, Bangladesh is expecting to sign a Memorandum of Understanding (MoU) with China as soon as possible, which is subject to how faster the progress would be made by the initiator, China. Sources said that the government, however, could not complete its official procedures yet.

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