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BRICS

Saudi and UAE attend Brics meet to deepen ties

Senior officials from over a dozen countries including Saudi Arabia and Iran were in talks on closer links with the Brics bloc of major emerging economies on Friday as it met to deepen ties and position itself as a counterweight to the West. Brics, which now consists of Brazil, Russia, India, China and South Africa, […]

Brics bank issues $1.2bn of panda bonds

The New Development Bank (NDB) issued 8.5 billion yuan ($1.23 billion) worth of panda bonds in China’s interbank bond market on Monday to mobilise resources for financing sustainable development projects, the bank said in a statement. Proceeds will be used for general corporate resources and to finance infrastructure and sustainable development projects, the bank said. […]

Brics bank in talks to admit Saudi Arabia as member

China-based New Development Bank, or Brics bank, is in talks to admit Saudi Arabia as its ninth member to strengthen its funding options. The kingdom’s inclusion will reinforce ties between the bank, set up by the world’s biggest developing economies as an alternative to Bretton Woods institutions. “In the Middle East, we attach great importance […]

Brazil’s Lula supports trading currency for Brics countries

Brazilian President Luiz Inacio Lula da Silva has said he supports establishing a currency for trade between Brics countries, a group that includes his nation as well as Russia, India, China and South Africa. “I am in favour of creating, within the Brics, a trading currency between our countries, just like the Europeans created the […]

Egypt to join Brics’ development bank in coming weeks

Egypt is looking to join the New Development Bank (NDB), established by the Brics countries, to improve cooperation in infrastructure and sustainable development, Asharq Al-Awsat newspaper reported, citing a statement from the Egyptian finance ministry. The Egyptian parliament will officially discuss the final procedures to join the bank in the coming weeks. Brics is a […]