The New Development Bank, the Shanghai-based lender better known as the “Brics bank”, is in talks with Saudi Arabia on admitting the country as its ninth member, a move that would strengthen its funding options as founding shareholder Russia struggles under the impact of sanctions.
The addition of the kingdom would reinforce ties between the bank, which was established by the world’s biggest developing economies as an alternative to western-led Bretton Woods institutions, and the world’s second-largest oil producer.
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