Saudi Arabia wants to join the BRICS New Development Bank

Saudi Arabia plans to join the BRICS New Development Bank, informs Financial Times, citing a statement from the organization.

Representatives of the bank said that they attach great importance to the kingdom and are currently in dialogue with it. The entry of the Saudis into the organization will strengthen ties between its members – “the largest emerging economies in the world”, seeking to create “an alternative to the Bretton Woods institutions led by the West.”

The decision to establish the New Development Bank within the framework of the BRICS was taken in 2013 in Durban (South Africa). At the inaugural meeting of the Bank’s Board of Governors on July 7, 2015 in Moscow, the work officially started. The main goal of the organization is to mobilize resources for projects in the field of infrastructure and sustainable development in the BRICS member countries and in developing countries.