Thread by @PushpendraTech

📢 Breaking News 📢

#BRICS #Bank in Membership Talks With #Saudi Arabia, Report Reveals🇸🇦

A thread 🧵

1/8 The development bank set up by the BRICS bloc is negotiating with Saudi Arabia on accepting the country as a member, according to a press report🏦

2/8 The talks come as the bank, created as an alternative to similar institutions led by the West, seeks to expand its funding options amid sanctions on one of its founding shareholders, Russia🏦🏧

3/8 BRICS Development Bank Engaged in
"Qualified Dialogue' With Saudi Kingdom👇🏻

👉 The Shanghai-based New Development Bank (NDB), established by the BRICS nations (Brazil, Russia, India, China, and South Africa), is in talks with Saudi Arabia on admitting the country as a… twitter.com/i/web/status/1…

4/8 The negotiations come as the NDB prepares to evaluate its options to attract funding during its annual meeting starting on Tuesday, affected by the penalties imposed on Russia following its invasion of Ukraine, the British daily noted🇷🇺🇺🇦

5/8 "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 New Development Bank told the newspaper in a statement while Riyadh officials were not available for comment🇸🇦

6/8 Saudi Arabia's accession would strengthen its ties with the world's largest developing economies, on the one hand. And on the other, it would provide the 'BRICS bank' with access to funds from the world's second-largest oil producer.💰💴

7/8 news.bitcoin.com/brics-bank-in-…

8/8 And That’s a Wrap👇🏻
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