Media reports suggest that the China-based New Development Bank (NDB), also known as the “BRICS bank,” is in discussions with Saudi Arabia regarding its admission as the NDB’s ninth member. This move would provide the NDB with additional funding options in light of the Russia-Ukraine conflict.
The NDB stated, “In the Middle East, we attach great importance to the Kingdom of Saudi Arabia and are currently engaged in a qualified dialogue with them,” according to a Financial Times report.
Read more: Saudi strengthens strategic relations with China
China’s Foreign Ministry reports that the NDB was established in 2015 to mobilize resources for infrastructure development and sustainable development projects in the BRICS countries and other emerging economies. Brazil, Russia, India, China, and South Africa are the founding members, while the UAE, Uruguay, Bangladesh, and Egypt were the first batch of new members of the NDB.
Since its establishment, the NDB has approved over 90 projects with loans totaling $32 billion, according to yicai.com’s report in October 2022.
Experts believe that Saudi Arabia’s potential membership in the NDB would further strengthen the BRICS nations’ ability to mitigate risks amidst the global trend of de-dollarization.
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