By Rachel Savage JOHANNESBURG (Reuters) - The New Development Bank of the BRICS group of nations will not be announcing new members at the BRICS Summit ...
STORY CONTINUES BELOW THESE SALTWIRE VIDEOSBy Rachel Savage
The NDB, which now also has Egypt, Bangladesh and the United Arab Emirates as shareholders, is under pressure to boost local currency fundraising and lending as the BRICS nations seek to reduce dependence on the U.S. dollar and develop the BRICS bloc into a counterweight to the West. At least 15 potential new member countries - including Saudi Arabia, Algeria and Argentina - are under consideration by the governments that are the bank's shareholders, Maasdorp said.
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