by BoatSurfer600
The New Development Bank (NDB), also known as the “BRICS bank,” said “In the Middle East, we attach great importance to the Kingdom of Saudi Arabia and are currently engaged in a qualified dialogue with them,”
The New Development Bank (NDB), also known as the “BRICS bank,” is in talks with Saudi Arabia on admitting the Middle Eastern nation as its ninth member, which would strengthen the NDB’s funding options amid the impact of the Russia-Ukraine conflict, according to media reports.
“In the Middle East, we attach great importance to the Kingdom of Saudi Arabia and are currently engaged in a qualified dialogue with them,” the NDB said in a statement, per the report from the Financial Times.
The NDB was established in 2015 to mobilize resources for infrastructure development and sustainable development projects in the BRICS countries and other emerging economies, according to China’s Foreign Ministry.
The BRICS – Brazil, Russia, India, China and South Africa – represent 25 percent of global GDP. They’re the founding members, while the UAE, Uruguay, Bangladesh and Egypt were the first batch of new members of the NDB.
Since the NDB’ s establishment, the bank has approved more than 90 projects with loans totaling $32 billion, yicai.com reported in October 2022.
Experts noted that Saudi Arabia’s potential accession to the NDB will further enhance the capability of BRICS nations to hedge against risks amid the sweeping global wave of de-dollarization.
Wow.. not a single word on this in the mainstream media:
Nicolas Maduro has arrived in Brazil to visit Lula.
It appears that the Biden administration is facing significant setbacks in foreign affairs across all fronts
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