Saudi Arabia Likely to Join BRICS Bank at August Summit

Joshua Ramos
saudi arabia mbs china xi jinping brics
Source: CNBC

Amid the potential expansion of the economic alliance, Saudi Arabia is likely to join the BRICS New Development Bank at the upcoming August summit. Indeed, the country is poised to become the tenth member of the bloc’s development bank. The move proceeds its desire to join the bloc itself.

Earlier reports have noted Saudi Arabia’s desire to aid in the funding of the BRICS bloc. Subsequently, its inclusion in the bank will likely help to fortify its funding, something that has been a concern amid Russia’s participation in the Ukraine conflict.

Source: Reuters

Also Read: Why Saudi Arabia’s Entry to BRICS is The Greatest Threat to US Hegemony

Saudi Arabia Expects BRICS Bank Entry at August Summit

In just a few weeks, the BRICS bloc is set to meet at an undeniably vital summit. There, the bloc will discuss everything from alternative currency options to national currency promotion, and potential expansion. Subsequently, the gathering will provide an opportunity for the bloc to set its trajectory for the coming years.

Now, reports have indicated that Saudi Arabia is likely to join the BRICS New Development Bank at the August summit. Indeed, the country has sought entry into the development bank for some time. Moreover, the move could proceed with its eventual inclusion into the economic alliance, as it has sought entry into the collective.

Saudi Arabia MBS Russia Vladimir Putin
Source: Pavel Golovkin / Reuters

Also Read: Saudi Arabia Likely to Join BRICS Alliance in August Summit

“In the Middle East, we attach great importance to the Kingdom of Saudi Arabia and are currently engaged in a qualified dialogue with them,” the bank said in a recent statement. Moreover, its involvement in the bank would infuse the bloc with renewed funds. An aspect of the institution that has been concerning since Russian sanctions were imposed.

Established in 2015, the bank currently consists of Brazil, Russia, India, China, South Africa, the United Arab Emirates, Uruguay, Bangladesh, and Egypt. Additionally, the report states that the bank has approved more than 90 projects since its arrival in 2015. Moreover, it has totaled $32 billion in loans as of October 2022. Saudi Arabia will undoubtedly present a positive addition and could denote its value prior to joining the official bloc.