ALBAWABA – The Kingdom of Saudi Arabia is reportedly engaged in talks with the New Development Bank (NDB), or “BRICS bank”, news and media outlets reported Tuesday.
Saudi Arabia would be the bank’s ninth member, following in the steps of the United Arab States (UAE), who joined the BRICS bank back in 2021, along with Bangladesh.
Admitting the Arab nation would help strengthen NDB’s funding options, as it is intended to counterweight the International Monetary Fund and the World Bank, Bloomberg reported.
"In the Middle East, we attach great importance to the Kingdom of Saudi Arabia and are currently engaged in a qualified dialogue with them," the NDB said in a statement, carried by the Financial Times.
BRICS - Brazil, Russia, India, China and South Afric, are the founding members. While the UAE, Uruguay, Bangladesh and Egypt are the latest members to Join.
Since the NDB’s establishment, in 2014, the bank has approved more than 90 projects with loans totalling $32 billion, yicai.com reported in October 2022.
