Saudi Arabia is in talks to join the BRICS New Development Bank as its newest member. newspaper reports Finance Timesrefers to the description of the organization.
“We attach great importance to the Kingdom of Saudi Arabia in the Middle East and are currently in a quality dialogue with it,” representatives of the BRICS New Development Bank told the publication.
As the Financial Times noted, Saudi Arabia’s entry into the organization will strengthen ties between the bank’s members, created “by the world’s largest emerging economies as an alternative to the Western-led Bretton Woods institutions.”
Anil Suklal, former South African Sherpa in BRICS declarationRecently, many world states have started sending formal and informal requests to join the organization.
The BRICS officially includes five permanent members – Brazil, China, Russia, India and South Africa. Current membership candidates are Argentina, Algeria and Iran. According to BRICS representatives, many more countries have expressed their desire to join the group, including Turkey, Saudi Arabia, the United Arab Emirates and Egypt.