The New Development Bank (NDB), an institution established by the BRICS group of major emerging economies, is reportedly in discussions with Saudi Arabia regarding its potential membership as the tenth member of the bank. This development, as reported by the Financial Times, aims to strengthen the ties between the NDB, headquartered in Shanghai, and the world's second-largest oil producer, Saudi Arabia.

The NDB, formed by the BRICS countries (Brazil, Russia, India, China, and South Africa) in 2014, focuses on providing financial support for infrastructure and sustainable development projects in member states and other emerging economies. Over the years, the bank has expanded its membership by including countries such as Bangladesh, the United Arab Emirates, Uruguay, and Egypt.

Recognizing the significance of Saudi Arabia in the Middle East, the NDB stated that it places great importance on the kingdom and is actively engaged in a dialogue to explore its potential membership. While the specific details of the ongoing discussions are yet to be disclosed, admitting Saudi Arabia as a member would further solidify the bank's ties with a key player in the global energy sector.

Since its inception, the NDB has made significant contributions to its member nations, having provided loans totaling USD33 billion for over 96 projects across the five founding member countries. By expanding its membership and attracting diverse economies, the NDB aims to enhance cooperation, foster economic growth, and address infrastructure needs in emerging markets.

MENAFN