China-Based ‘BRICS Bank’ in Talks With Saudi Arabia

Saudi Arabia appears to be strengthening its ties with China.

It’s reportedly in talks with the New Development Bank, a Shanghai-based bank also known as the “BRICS bank” to join as its ninth member.

The “BRICS bank” was set up in 2015 by the world’s biggest developing economies — Brazil, Russia, India, China, and South Africa.

Altogether, those nations account for 25 percent of global GDP.

 

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