New Development Bank Bill-2023 was placed in the Jatiya Sangsad with a view to welcome funds from the lending arm of the BRICS bloc of developing nations.
Law, Justice and Parliamentary Affairs Minister Anisul Huq on behalf of Finance Minister AHM Mustafa Kamal on Monday placed the bill in the House with Speaker Dr Shirin Sharmin Chaudhury in the chair.
The government expects $800 million from the NDB to fund two projects after the law comes into effect, said the minister while placing the bill.
The multilateral development bank, launched by Brazil, Russia, India, China and South Africa in 2015, expanded membership in 2021 to include Bangladesh, the United Arab Emirates, Egypt and Uruguay.
Bangladesh also sought membership in BRICS, but the group invited Saudi Arabia, Iran, Ethiopia, Egypt, Argentina and the United Arab Emirates during its just-concluded summit in South Africa.
BRICS's Shanghai-headquartered lender NDB has signed off on more than 80 projects in the five original member countries. The value of the projects exceeds $30 billion and they are in sectors from transport, water and sanitation to clean energy and digital and social Infrastructure.
Anisul said global and multilateral development banks, such as the World Bank and the Asian Development Bank, need legal protection for financing, for which the new law has been drafted.
The legal issues related to such development partners include tax waivers for their staff members, he said.
The minister urged the House to send the bill to the concerned parliamentary standing committee to provide reports within seven days.
