KUALA LUMPUR (Dec 5): There has been no proposal so far for Malaysia to join the New Development Bank (NDB), according to the Ministry of Investment, Trade and Industry (Miti).

Miti said if there is a necessity to join the NDB, Malaysia needs to be ready to contribute to this financial institution, and this step will add to the country's existing financial commitments.

"The country needs to take into account the government's policy to limit the national debt to 65% of gross domestic product (GDP) and only rely on local financial agencies, given that Malaysia has achieved the status of a graduate country among other multilateral development banks," it said in a written reply on the Parliament website to a question by Senator Ros Suryati Alang, who wanted to know if Malaysia would apply to become a member of the China-based NDB, following the announcement of Malaysia becoming a partner country of BRICS.

The prospect of Malaysia's membership in the NDB was discussed by the economy minister with NDB president Dilma Rousseff during their meeting on the sidelines of the Heads of State and Government in the BRICS Outreach/BRICS Plus Conference held in Kazan, Russia.

Miti said NDB membership is open to all members of the United Nations, regardless of whether the country is a BRICS member country or otherwise.

To determine whether Malaysia will enjoy the benefits of membership in the NDB, a comprehensive cost and benefit analysis needs to be carried out.

"This analysis will consider the membership requirements, financial commitment and voting power of Malaysia in the NDB," it said.

Miti said the government needs to hold engagement sessions with relevant stakeholders, including economic and development agencies, to get feedback to ensure membership in the NDB is in line with the country's development priorities.

"As an initial preparation, Malaysia can apply to be an observer in the NDB board meetings.

"This step will give Malaysia the opportunity to get a clear picture of the NDB's operations and governance before joining it officially," it said.

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