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Published on September 20, 2014
The Awami League government will ink a memorandum of understanding with China soon in an attempt to promote the country’s poor infrastructure and accelerate the regional cooperation. The proposed regional bank would have a mandate to fund infrastructure projects in the region, complementing the work of other such entities, like the Asian Development Bank.
Twenty-three countries, including the USA, Japan, Kuwait, Qatar, Nepal, India and South Korea, have expressed their interest to join the bank which would have an approved capital estimated at $100 billion. The plan of forming the bank was first announced by Chinese President Xi Jinping and Premier Li Keqiang in October 2013. The proposed bank would have a capital of $50 billion, to be paid by its members.
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