Politics
AFRICA, ASIA, BANGLADESH, BANKING, BRAZIL, BRICS, BRICS BANK, CHINA, DEVELOPMENT, DHAKA, DIGITAL TECHNOLOGIES, EUROPE/ASIA, INDIA, INTERNATIONAL MONETARY FUND, INVESTMENT, MEXICO, NDB, NORTH AMERICA, RUSSIA, SMES, SOUTH AFRICA, SOUTH AMERICA, SUPPLY CHAIN DIVERSIFICATION, VLADIMIR KAZBEKOV
Omar El-Sharif
BRICS New Development Bank Increases Lending to Bangladesh to $1 Billion
The BRICS New Development Bank plans to triple its lending to Bangladesh, committing $1 billion for 2025 to meet growing development needs. The NDB has approved $320 million for a Dhaka water supply expansion project and introduced multi-currency lending. An IMF delegation is also reviewing progress in Bangladesh before releasing $4.7 billion in bailout funds.
The New Development Bank (NDB) of the BRICS nations has announced a significant increase in its lending to Bangladesh, pledging $1 billion for 2025, which more than triples its current financial support. This information was disclosed by the Bangladesh government in a recent statement.
To date, the NDB has already sanctioned $320 million earmarked for a project aimed at enhancing the water supply infrastructure in the Dhaka area. In light of Bangladesh’s escalating development requirements, the bank is poised to offer additional financial support.
Furthermore, the introduction of multi-currency lending by the NDB represents a strategic advantage for Bangladesh, as noted by the bank’s Vice President, Vladimir Kazbekov. The NDB, established in 2015, plays a crucial role in funding infrastructure projects across its member nations, which include Brazil, Russia, India, China, South Africa, as well as other emerging economies.
In a related context, a delegation from the International Monetary Fund is currently assessing development progress in Bangladesh as they prepare to release two installments of a $4.7 billion bailout requested in 2023.
In conclusion, the BRICS New Development Bank is significantly increasing its financial commitment to Bangladesh by pledging $1 billion for 2025, thereby addressing the country’s pressing developmental needs. The introduction of multi-currency lending is expected to further benefit Bangladesh in its infrastructure projects. Concurrently, the ongoing reviews by the International Monetary Fund will facilitate additional financial assistance critical to the nation’s progress.
Original Source: www.tradingview.com
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