Tehran, IRNA- The New Development Bank (NDB) of the BRICS group of major emerging economies is currently engaged in talks with Saudi Arabia to accept the oil-rich kingdom as its ninth member, according to a report.
The Financial Times reported on Sunday that the potential addition of Saudi Arabia to the BRICS bank aims to enhance the Shanghai-based lender’s funding capabilities, especially as its founding shareholder Russia faces challenges due to Western sanctions.
The talks with Saudi Arabia come ahead of the bank’s annual meeting, scheduled for Tuesday and Wednesday, to evaluate its funding options that have been uncertain following the start of Russia’s military campaign in Ukraine in February last year.
Saudi Arabia’s membership would bolster relations between the development bank, established by the largest developing economies as an alternative to the World Bank and the International Monetary Fund (IMF), and the world's second-largest oil producer.
It will also cement Saudi Arabia’s ties with the BRICS countries -- Brazil, Russia, India, China and South Africa-- at a time when Riyadh is aligning more closely with China and regional powers.
The NDB was established by the BRICS states in 2014, and has since expanded its membership to include Bangladesh, the United Arab Emirates, Uruguay and Egypt.
