THE New Development Bank, the Shanghai-based lender better known as the 'Brics bank', is in talks with saudi Arabia on admitting the country as its ninth member, a move that would strengthen its funding options as founding shareholder Russia struggles under the impact of sanctions, reports London's Financial Times.
The addition of Saudi Arabia would reinforce ties between the bank, which was established by the world's biggest developing economies as an alternative to western-led Bretton Woods institutions, and the world's second-largest oil producer.
'In the Middle East, we attach great importance to the Kingdom of Saudi Arabia and are currently engaged in a qualified dialogue with them,' said the New Development Bank.
The talks with Saudi Arabia come as the NDB prepares to embark on a formal evaluation of its funding options, which were thrown into question by Russia's invasion of Ukraine.
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The addition of Saudi Arabia would reinforce ties between the bank, which was established by the world's biggest developing economies as an alternative to western-led Bretton Woods institutions, and the world's second-largest oil producer.
'In the Middle East, we attach great importance to the Kingdom of Saudi Arabia and are currently engaged in a qualified dialogue with them,' said the New Development Bank.
The talks with Saudi Arabia come as the NDB prepares to embark on a formal evaluation of its funding options, which were thrown into question by Russia's invasion of Ukraine.
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