Breakingviews – Saudi is a BRIC in crumbling East-West money wall – Reuters
- Date: 30-May-2023
- Source: Reuters
- Sector:Financial Markets
- Country:Saudi Arabia
Breakingviews – Saudi is a BRIC in crumbling East-West money wall – Reuters
MUMBAI, May 29 (Reuters Breakingviews) - Middle East money is the answer to plugging the growing financial gaps created in Asia by Western investment restrictions, or at least that’s the very wishful thinking of the regions’ financiers and governments.
The latest example is courtesy of the New Development Bank (NDB). The Shanghai-based multilateral institution, known as the “Brics bank”, is in talks with Saudi Arabia to become a member as sanctions weigh on Russia, which is one of five founding members of the lender alongside Brazil, India, China and South Africa.
A rich new supporter may ease some funding pain for an institution that has lent $33 billion to 96 projects since its 2015 inception, compared to $67 billion of disbursements by the World Bank as of the year ending in June 2022. Even if the NDB might have teamed up with Saudi regardless of sanctions on Russia, any deal will be high on symbolism.
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