Saudi Arabia in talks to join Brics bank

Gulf state would join as Shanghai-based lender increases non-dollar operations

Shanghai sunrise
Shanghai, home of the New Development Bank

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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