The Financial Times reported that Saudi Arabia is in talks to join the new “Development Bank” of the “BRICS” group as a new member.
A source in the new BRICS Development Bank told the newspaper: “In the Middle East, we attach great importance to the Kingdom of Saudi Arabia, and we are currently conducting a professional dialogue with it.”
In its article, the newspaper indicated that the Kingdom of Saudi Arabia’s accession to this organization will strengthen relations between members of the bank, which was established by “the largest emerging economies in the world as an alternative to the Bretton Woods institutions led by the West.”
The political decision was taken to establish the new “Development Bank” within the framework of the BRICS group in 2013 during the Durban Summit in South Africa. Governors of the Bank on July 7, 2015 in Moscow. The main objective of this institution is to finance infrastructure projects and sustainable development in BRICS member states and in developing countries.
It is noteworthy that the BRICS group is an international organization that includes Russia, Brazil, India, China and South Africa, and their economies constitute 23 percent of the volume of the global economy, and 18 percent of the volume of international trade.
A number of countries seek to join this huge economic bloc, such as Algeria, Argentina, Iran and Tunisia, and according to the Chinese Ministry of Foreign Affairs, Indonesia, Turkey, Saudi Arabia and Egypt are also seeking to join the group.
This article was originally published by RT.