Riyadh is negotiating to join the New Development Bank of the BRICS countries. This is reported by RIA Novosti, referring to the Financial Times.
The publication claims that Saudi Arabia is in talks to join the BRICS New Development Bank. The bank claims that they attach great importance to the Kingdom.
“In the Middle East, we attach great importance to the Kingdom of Saudi Arabia and are currently engaged in a qualified dialogue with it,” the publication says.
Riyadh’s entry into the organization will help 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.” Recall that the political decision to create a New Bank within the framework of the BRICS was taken back in 2013 at a summit in Durban, South Africa.
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