PM Anwar Meets Top Officials From Shanghai-Based New Development Bank, Eyes Possible Membership

From Arul Rajoo Durar Raj

RIO DE JANEIRO, July 6 (Bernama) -- Malaysia will conduct a comprehensive review of potential membership in the New Development Bank (NDB), taking into account various aspects, including the required commitments and the effectiveness of participation in the institution, said Prime Minister Datuk Seri Anwar Ibrahim.

He made the statement after holding a meeting with senior officials of the NDB - formerly known as the BRICS Development Bank - here today.  Anwar met the Shanghai-based NDB delegation, led by its president Dilma Rousseff, on the sidelines of the BRICS Leaders' Summit being held here.

As a multilateral development bank established by developing countries, the NDB offers a competitive financing alternative, in line with Malaysia's aspiration to diversify infrastructure development sources and accelerate the transition to a green economy.

"Malaysia will thoroughly review the possibility of joining the NDB, taking into account various aspects, including the required commitments and the effectiveness of participation in the institution," he said in a statement here.

The Prime Minister also took the opportunity during the meeting to congratulate Rousseff on her reappointment and expressed Malaysia’s openness to exploring potential cooperation with the NDB within the framework of sustainable development, infrastructure financing, and the strengthening of South-South cooperation.

NDB is a multilateral development bank established by the BRICS nations. It currently has 11 members, namely Brazil, Russia, India, China, South Africa, Bangladesh, the United Arab Emirates, Egypt, Algeria, Colombia and Uzbekistan.

Malaysia’s participation in the summit is in its capacity as a BRICS Partner Country and as Chair of ASEAN 2025.  Malaysia officially became a BRICS Partner Country on Jan 1 this year.

— BERNAMA