Bangladesh Joins BRICS Bank

Bangladesh's decided to join the $50 billion New Development Bank formed by Brazil, Russia, India, China, and South Africa (BRICS) as an alternative source of development funding other than the World Bank and International Monetary Fund (IMF). In joining the New Development Bank, Bangladesh will have more options to receive concessional investments, further develop the country's infrastructure, and lessen loan costs from multinational banks.

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Tags: BRICS, Bangladesh, Development Bank