BRICS Bank to consider Saudi Arabia's proposal for membership

The China-based New Development Bank is in potential membership talks with Saudi Arabia - in a move that would shore up funding for the so-called "BRICS Bank".

If Saudi Arabia joins the bank, which represents the world's biggest developing nations, it would decrease dependence on the US dollar for oil and gas.

If successful, Saudi Arabia would be the ninth country to join the bank, while it deepens its relations with the global south.

Saudi Arabia is also reportedly looking to join BRICS and the matter may be discussed at the August summit here in South Africa.

Andrew Wood has more from Hong Kong.

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