Bangladesh's economy is getting bigger. What we need now is a lot more funding in the infrastructure sector. If we join the New Development Bank (NDB) established by BRICS states, here will come another source for foreign loans.
Large infrastructure projects require a lot more funding, and for such projects, we will be able to take loans from the NDB alongside other development partners, which will remove complexities in availing funds.
Earlier, we had only the World Bank to source foreign funds. Then, we started borrowing from the Asian Development Bank and the International Monetary Fund. The Asian Infrastructure Investment Bank has now joined the list of lenders for us.
Besides, Japan, China and India also lend to us. If we become a member of the NDB, there will be more opportunities to get loans. Many more foreign loans will also be available.
The New Development Bank has created a capital of $500 billion. The main problem of BRICS is that there are different countries with different interests. For example, there is a dispute between India and China and they have different interests. But we have to give importance to our own interests. The Sino-Indian conflict can create opportunities for us.
Dr Ahsan H Mansur is the executive director at Policy Research Institute