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 <p>The BRICS bank commonly called the ‘New Development Bank’ (NDB) confirmed that it has started reviewing applications from countries that have formally applied to join the alliance. The head of NDB, Dilma Rousseff, said that the bank is reviewing applications sent from 15 countries. However, she did not name the applicant countries but confirmed that BRICS’ priority is to diversify the geographical location.</p> 
 <p><strong>Also Read: <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a>: China Targets U.S., Says America Is Obsessed With Hegemony</strong></p> 
 <p>Rousseff’s statements hint that the <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> bloc is looking to induct countries from all corners of the world. NDB might not specifically stick to one location or continent and aims to be a diverse group after expansion. <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> is an acronym for Brazil, Russia, India, China, and South Africa.</p> 
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 <h2 class="wp-block-heading" id="h-brics-5-new-countries-might-get-approval-to-join-the-alliance">BRICS: 5 New Countries Might Get Approval To Join the Alliance</h2> 
 <figure class="wp-block-image size-full"> 
  <img decoding="async" width="768" height="432" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" alt="BRICS MBS Saudi Arabia Middle East" class="wp-image-89616 ewww_webp" sizes="(max-width: 768px) 100vw, 768px" data-src-img="https://cdn.thebittimes.com/images/2023/08/23/a5ffa8ba4f27faa54ddd67503dbfa915.webp" data-src-webp="https://cdn.thebittimes.com/images/2023/08/23/a5ffa8ba4f27faa54ddd67503dbfa915.webp.webp" data-srcset-webp="https://cdn.thebittimes.com/images/2023/08/23/a5ffa8ba4f27faa54ddd67503dbfa915.webp.webp 768w, https://cdn.thebittimes.com/images/2023/08/23/a5ffa8ba4f27faa54ddd67503dbfa915.webp.webp 300w, https://cdn.thebittimes.com/images/2023/08/23/a5ffa8ba4f27faa54ddd67503dbfa915.webp.webp 380w, https://cdn.thebittimes.com/images/2023/08/23/a5ffa8ba4f27faa54ddd67503dbfa915.webp.webp 550w" data-srcset-img="https://cdn.thebittimes.com/images/2023/08/23/a5ffa8ba4f27faa54ddd67503dbfa915.webp 768w, https://cdn.thebittimes.com/images/2023/08/23/a5ffa8ba4f27faa54ddd67503dbfa915.webp 300w, https://cdn.thebittimes.com/images/2023/08/23/a5ffa8ba4f27faa54ddd67503dbfa915.webp 380w, https://cdn.thebittimes.com/images/2023/08/23/a5ffa8ba4f27faa54ddd67503dbfa915.webp 550w" data-eio="j"> 
  <noscript> 
   <img decoding="async" width="768" height="432" src="https://cdn.thebittimes.com/images/2023/08/23/a5ffa8ba4f27faa54ddd67503dbfa915.webp" alt="BRICS MBS Saudi Arabia Middle East" class="wp-image-89616" srcset="https://cdn.thebittimes.com/images/2023/08/23/a5ffa8ba4f27faa54ddd67503dbfa915.webp 768w, https://cdn.thebittimes.com/images/2023/08/23/a5ffa8ba4f27faa54ddd67503dbfa915.webp 300w, https://cdn.thebittimes.com/images/2023/08/23/a5ffa8ba4f27faa54ddd67503dbfa915.webp 380w, https://cdn.thebittimes.com/images/2023/08/23/a5ffa8ba4f27faa54ddd67503dbfa915.webp 550w" sizes="(max-width: 768px) 100vw, 768px"> 
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  <figcaption class="wp-element-caption">
    Source: pakistantoday.com.pk 
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 </figure> 
 <p>Speculation is rife that the NDB might approve five countries to join <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> and could announce the induction this month. There are hints that Saudi Arabia and the United Arab Emirates (UAE) are among the five countries to be approved. The NDB and Saudi Arabia held funding discussions in July as the bank needed to raise fresh funds.</p> 
 <p><strong>Also Read: <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a>: Ending Reliance on the U.S. Dollar Main Agenda of Summit</strong></p> 
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 <p>If the deal goes through, Saudi Arabia could be the main source of funding and boost the NDB’s financial prospects. The <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> bank needs funding as lending in the U.S. dollar dried up due to the sanctions placed against Russia. Therefore, Saudi Arabia could be the key to its revival and provide a new pathway in the global lending markets.</p> 
 <p><strong>Also Read: Warren Buffet Predicts How Long USD Will Remain Global Currency</strong></p> 
 <p>In addition, both Saudi Arabia and the UAE are top oil-producing countries and export millions of barrels every year. If BRICS begins to ditch the U.S. dollar for oil trade and settle payments in local currencies, the greenback will be on the path of decline. Read here to know how many sectors in the U.S. could be affected if BRICS ends its reliance on the dollar.</p> 
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<div class="cs-entry__tags"> 
 <ul> 
  <li>BRICS</li> 
  <li>BRICS Alliance</li> 
 </ul> 
</div>

5 New Countries Expected To Join BRICS

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