FT: Riyadh is in talks to join the BRICS bank as a new member
Saudi Arabia is in talks to join the New Development Bank of BRICS, the Financial Times reported, citing a statement from the organisation.
“In the Middle East, we attach great importance to the Kingdom of Saudi Arabia and are currently engaged in a qualified dialogue with it,” bank officials told the publication.
Saudi Arabia’s accession to the organisation will strengthen ties between members of the bank, which was created by “the world’s largest emerging economies as an alternative to the Western-led Bretton Woods institutions”, the paper noted.
The political decision to establish a New Development Bank within the BRICS was taken in 2013 at a summit in Durban, South Africa. In 2014, an agreement on the bank was signed at the next summit in the Brazilian city of Fortaleza. It was officially launched at the inaugural meeting of the bank’s board of governors on 7 July 2015 in Moscow. The main objective of the institution is to finance infrastructure and sustainable development projects in the BRICS member countries and developing countries.
BRICS brings together Brazil, Russia, India, China and South Africa. Several other countries intend to join the economic bloc, including Argentina, Iran and, according to the Chinese Foreign Ministry, Indonesia, Turkey, Saudi Arabia and Egypt.
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