On Thursday, Telam news agency reported that Dilma Rousseff, the head of the New Development Bank (NDB) of the BRICS group of major emerging economies, announced that Argentina is now one step away from becoming a member of the BRICS bank.

The former President of Brazil, Rousseff, told Sergio Massa, the Economy Minister of Argentina that the NBD’s board of directors has enabled her to allow the country into the financial organization.

Reportedly, at the bank’s headquarters in Shanghai, Rousseff told Massa, “Sergio, I have good news, I found the shortcut. The board of directors has agreed to add Argentina to the bank. It will be announced at the August meeting in South Africa. It is the fastest way to go straight to August.”

BRICS’ member states – Brazil, Russia, India, China, and South Africa – established the global lender back in 2014. The bloc’s five economies make up over 40 of the world’s population and almost a full quarter of the GDP of the world.

Backed by Brazil, the discussion regarding Argentina’s admission is scheduled to take place at the next NDB governor’s meeting, slated for the first week of August, in South Africa.

Argentina hopes that gaining membership in the bank will allow it to access financial assistance, according to Telam. In order to become a member, the nation will need to first contribute $250 million in sovereign bonds from its treasury to the bank.

Meanwhile, the NDB is also in negotiations with Saudi Arabia regarding admitting the kingdom to the bank, making it the tenth member.

The NDB is designed to help finance infrastructure and sustainable development in both member nations, as well as other emerging economies. It is also designed to help its member states reduce dependence on the US dollar and the euro. The bank already includes among its members, Bangladesh, the United Arab Emirates, Uruguay and Egypt, and it is continuing to expand its reach globally. Just among the five founding member nations, the bank has lent $33 billion which has funded over 96 projects.