DHAKA, Aug. 30 (Xinhua) — Bangladesh’s cabinet has approved a draft of the New Development Bank (NDB) Act, paving the way for the country to welcome funds from the lending arm of the BRICS.

The approval came from a meeting chaired by Prime Minister Sheikh Hasina on Tuesday, an official said Tuesday.

Following approval of the draft law, the official who didn’t like to be named said they expect 800 million U.S. dollars from the NDB to fund two projects, including the installation of Dhaka-Narayanganj gas pipeline and supply of water to Mohammadpur’s Basila by Dhaka Water Supply and Sewerage Authority.

Headquartered in Shanghai, the NDB was established with the purpose of mobilizing resources for infrastructure and sustainable development projects in BRICS and other emerging market economies and developing countries, so as to complement the efforts of multilateral and regional financial institutions for global growth and development.

The bank started expanding its membership in 2021 with Bangladesh, the United Arab Emirates, Uruguay and Egypt as new members, marking substantial progress in the bank’s membership and a remarkable step towards a global multilateral development bank.