Saudi Arabia is in talks to join the New Development Bank, the lender created by the BRICS group of nations, according to a report in Bloomberg, citing a report in the Financial Times.
The New Development Bank is seeking to widen its membership “as it seeks to boost its capital and counter the influence of Western-dominated multilateral banks,” the report said. The lender — formed by Brazil, Russia, India, China and South Africa — will look at increasing the diversity of its members in terms of geography, development stages and on the size of the countries, Dilma Rousseff, the bank’s president, said at its annual meeting in Shanghai on Tuesday.
The bank was created in 2014 as a counterweight to the International Monetary Fund and the World Bank.
Bangladesh and the United Arab Emirates became members in 2021, while Egypt joined in February. Uruguay is a prospective member, according to the NDB’s website.
