Iran will soon join the New Development Bank (NDB), the development lender founded by the BRICS group of nations, said the governor of the country’s Central Bank, Abdolnaser Hemmati, as reported by state media on Wednesday ahead of a BRICS meeting in India. Iran remains subject to sweeping U.S. and international sanctions, giving Tehran an added incentive to seek alternative financing channels outside the dollar system.
The NDB’s corporate communications department told Reuters that it could not confirm reports regarding Iran’s membership.
ΣΧΕΤΙΚΑ ΑΡΘΡΑ
Iran joined the BRICS in 2024 as the group expanded, in a move aimed at deepening economic ties among emerging economies, and has since made clear its desire to become a member and shareholder of the NDB.
The bank was founded by Brazil, Russia, India, China, and South Africa in 2015 to finance infrastructure and sustainable development projects. Since then, it has expanded its membership to include the United Arab Emirates, Egypt, and other emerging economies.
“The most significant outcome of the cooperation among BRICS member countries is the establishment of the New Development Bank, and our country will soon become a member of this bank,” Hemmati said, according to state media.
Hemmati is participating in the first meeting of BRICS finance ministers and central bank governors, hosted by India, which holds the rotating BRICS presidency this year.
BRICS members have sought to reduce their dependence on the U.S. dollar by promoting trade and financial transactions in national currencies.
Hemmati stated that Iran believes BRICS members could conduct trade using their national currencies and is seeking bilateral and trilateral monetary cooperation with other members.
Membership in the NDB is open to United Nations members, as well as to borrowing and non-borrowing member countries, the bank said. Uzbekistan became its 10th member on June 5.
Source: CNA
