Brics Bank (NDB) is in talks with Saudi Arabia to become member as sanctions weigh on Russia

May 29, 2023

"Middle East money is the answer to plugging the growing financial gaps created in Asia by Western investment restrictions, or at least that’s the very wishful thinking of the regions’ financiers and governments.

The latest example is courtesy of the New Development Bank (NDB). The Shanghai-based multilateral institution, known as the “Brics bank”, is in talks with Saudi Arabia to become a member as sanctions weigh on Russia, which is one of five founding members of the lender alongside Brazil, India, China and South Africa."

SOURCE:

https://www.reuters.com/breakingviews/saudi-is-bric-crumbling-east-west-money-wall-2023-05-29/

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