Saudi Arabia in Talks to Join BRICS' New Development Bank – Media

© AP Photo / Anupam NathFlags of the five countries that make up BRICS fly in front of an Air China aircraft in which Chinese President Xi Jinping arrived to attend the BRICS summit in Goa, India, Saturday, Oct. 15, 2016. The leaders of Brazil, Russia, India, China and South Africa are meeting for their eighth BRICS summit, beginning with a dinner on Saturday and ending on Sunday.
Flags of the five countries that make up BRICS fly in front of an Air China aircraft in which Chinese President Xi Jinping arrived to attend the BRICS summit in Goa, India, Saturday, Oct. 15, 2016. The leaders of Brazil, Russia, India, China and South Africa are meeting for their eighth BRICS summit, beginning with a dinner on Saturday and ending on Sunday. - Sputnik Africa, 1920, 28.05.2023
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The decision to create the BRICS' New Development Bank was made in 2013 at the summit in Durban, South Africa. At the next summit in Fortaleza, Brazil, in 2014, BRICS states signed a deal establishing the bank, whose main task is to finance infrastructure and sustainable development projects of BRICS members and developing countries.
Saudi Arabia is negotiating to join the New BRICS Development Bank as its new member, the Financial Times newspaper reports, citing a statement from the organization.

"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 New Development Bank told the media.

Flag with the logo of BRICS - Sputnik Africa, 1920, 24.05.2023
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A key, noteworthy point is that the entry of Saudi Arabia into the organization would strengthen ties between members of the bank, created by the world's largest developing economies as an alternative to the current Western-led global financial institutions.
BRICS unites Brazil, Russia, India, China and South Africa. A number of other countries intend to join the economic bloc, including Argentina, Iran, as well as, according to the Chinese Foreign Ministry, Indonesia, Turkey, Saudi Arabia, Egypt.
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