BRICS Bank and Saudi Arabia Negotiate Partnership

It’s been just revealed that the BRICS Bank and Saudi Arabia are negotiating a partnership. Take a look at more details about this below.

There are reports that Saudi Arabia is in negotiations to become the ninth member of the BRICS’ New Development Bank (NDB).

According to a report from The Financial Times, the Saudis, which have not made any official comments on the talks, are now in an active dialogue with the bank.

BRICS consists of Brasil, Russia, India, China and South Africa, with other nations reportedly on the verge of joining.

The NDB confirmed to FT its talks with Saudi Arabia.

“In the Middle East, we attach great importance to the Kingdom of Saudi Arabia and are currently engaged in a qualified dialogue with them.”

Ashwani Muthoo, director-general of the NDB’s independent evaluation office, says the bank remains in the early days of gathering resources.

“[Fundraising is] the most important thing at the moment… We are struggling to mobilize resources.”

A group of economically-aligned nations known as BRICS is reportedly sorting through a surge of interest from countries who are wishing to join the coalition.

It’s important to note the fact that the group, which is exploring the launch of a global currency that would circumvent the US dollar, is preparing to respond to a wave of applications from like-minded countries, reports Telesur.

Naledi Pandor, South Africa’s Foreign Affairs Minister, says BRICS leaders will release a list of requirements for those who are looking to join.

“BRICS is attracting a lot of interest from a number of countries, and our sherpas are working on the concept of how the group can respond to this interest. We hope that our leaders will present final guidelines at the conclusion of the BRICS Summit.”