DHAKA: Bangladesh is going to join the newly formed BRICS Bank in a bid to stop watching over by International Monetary Fund (IMF) and World Bank (WB).

Tokyo-based online current affairs magazine The Diplomat published a report in this regard.

Wishing anonymity, an officials in the Ministry of Finance confirmed the matter saying that Bangladesh is “actively weighing” the possibility of joining the new BRICS development bank, The Diplomat said.

Quoting the Finance Ministry official The Diplomat reported that Bangladesh will ask its ambassadors to the BRICS countries to know details about the proposed global bank. 

Bangladesh might consider becoming a founding-member if the details are found favorable, it added.

Earlier in July, at the 6th BRICS summit in Brazil, the BRICS members agreed on establishing of a new multilateral development bank with initial startup funding of $50 billion. 

The bank will also maintain a currency reserve of $100 billion.  The BRICS banks will be headquartered in Shanghai, with the first president of the bank coming from India.

Meanwhile, China has taken initiatives to build another international monetary fund in the name of ‘Asian Infrastructure Bank’ which also will have an initial startup funding of $50 billion, the report said.

President of China Xi Jinping has also launched initiatives aimed at creating a new Silk Road Economic Belt as well as a Maritime Silk Road.

All these initiatives would greatly help Bangladesh, it also said.

BDST: 1705 HRS, JUL 26, 2014