BRICS bank wants new members as Saudi Arabia looks to join

BRICS-backed New Development Bank invites Saudi Arabia to join the club

The New Development Bank (NDB), established by the BRICS group of nations, is set to broaden its membership as part of its efforts to increase capital and counter the influence of Western-dominated multilateral banks, Bloomberg reported. The bank, consisting of Brazil, Russia, India, China, and South Africa, aims to diversify its members based on geography, development stages, and country size, Dilma Rousseff, the bank's president, said.

BRICS bank wants new members as Saudi Arabia looks to join

The lender 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.

BRICS Bank invites new members as Saudi Arabia looks to join

The New Development Bank, the lender created by the BRICS group of nations, will widen its membership as it seeks to boost its capital and counter the

BRICS Bank to expand membership as Saudi Arabia looks to join

The New Development Bank, the lender created by the BRICS group of nations, will widen its membership as it seeks to boost its capital and counter the influence of Western-dominated multilateral banks.

The leading oil export kingdom is the most recent to discuss joining the regional bank, which seeks to expand its financial strength, according to the Financial Times

Talks have begun to join Saudi Arabia as the ninth member of the Shanghai based 'New Development Bank', known as the BRICS bank.