Saudi Arabia in Discussions to Become a Member of BRICS Development Bank

The Financial Times reported that Saudi Arabia is in talks to join the new “Development Bank” of the BRICS group as a new member.

A source at the new BRICS Development Bank told the newspaper, “In the Middle East, we attach great importance to the Kingdom of Saudi Arabia and are currently in professional dialogue with it.”

In its article, the newspaper pointed out that the entry of the Kingdom of Saudi Arabia into this organization will strengthen relations between the members of the bank, which was created by “the world’s largest emerging economies as an alternative to the Bretton Woods institutions led by the West.” .”

The political decision to create a new “Development Bank” within the BRICS group was made in 2013 during the Durban Summit in South Africa by the Bank’s Governors on July 7, 2015 in Moscow. finance infrastructure projects and sustainable development in the BRICS countries and in developing countries.

It is noteworthy that the BRICS group is an international organization that includes Russia, Brazil, India, China and South Africa, and their economies account for 23 percent of the world economy and 18 percent of international trade.

A number of countries are seeking to join this huge economic bloc, such as Algeria, Argentina, Iran and Tunisia, and according to the Chinese Foreign Ministry, Indonesia, Turkey, Saudi Arabia and Egypt are also seeking to join the group.

Source: Sputnik

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