Pakistan’s Federal cabinet’s Economic Coordination Committee (ECC) approved on Friday the country’s membership in BRICS-established New Development Bank, endorsing the $582m capital share purchase, 116 million dollars of which as paid-in capital.
“The ECC approved Pakistan’s membership in the New Development Bank, established by BRICS member countries. The committee endorsed the purchase of 5,882 capital shares in the NDB, amounting to $582 million, with $116 million as paid-in capital,” the Finance Divisions said in a statement.
A total of 5,882 capital shares in the NDB bank – multilateral development bank aimed at mobilizing resources for infrastructure and sustainable development projects in emerging markets and developing countries (EMDCs) – were bought.
“Pakistan, as a developing country and an ardent supporter of inclusive multilateralism, believes that it can make important contributions in this grouping,” FO spokesperson had said.
Back in November, Pakistan also applied for BRICS membership.
