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Welcome to world business report. i m ben thompson. it s called the brics bank, the acroymn coined to group the countries with the highest growth potential brazil, russia, india, china and south africa. it later grew to include bangladesh, the united arab emirates and egypt. today it begins its annual meeting where it could begin talks with saudi arabia to admit the country as its ninth member. that move would strengthen its funding options since founding member russia is struggling under the impact of sanctions. russia currently holds a 19% stake in the bank. former treasury ministerjim o neill is the originator of the brics acronym and hejoins me now.
It s called the brics bank the acroymn coined to group the countries with the highest growth potential brazil, russia, india, china and south africa. it later grew to include bangladesh, the united arab emirates and egypt. and today it begins its annual meeting where it could begin talks with saudi arabia to admit the country as its ninth member. that move would strengthen its funding options since founding member russia is struggling under the impact of sanctions. russia currently holds a i9% stake in the bank. former treasury ministerjim o neill is the originator of the brics acronym and he believes saudi arabia joining the group will raise some eyebrows. it s not as though china is exactly struggling for money, but obviously it would be helpful. but i do think for for two reasons, of all the names being mentioned, saudi arabia is particularly intriguing. first, again, for the sheer