Saudi Arabia in talks to join Brics bank
Gulf state would join as Shanghai-based lender increases non-dollar operations
Saudi Arabia is in talks about joining the Brics bloc’s multilateral bank. The New Development Bank (NDB) told the Financial Times it is “currently engaged in a qualified dialogue with” Saudi Arabia.
The Brics states – Brazil, Russia, India, China and South Africa – founded the NDB in 2015, with each putting up $10 billion in capital. In the last two years, the NDB has added three new member states: Bangladesh and the United Arab Emirates in 2021, and Egypt this year.
Uruguay has been admitted
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