Iran to Join BRICS Bank Soon
Iran is set to formally join the New Development Bank (NDB), the multilateral financial institution of the BRICS bloc, soon. The announcement was made by Iranian state media on Wednesday, quoting Central Bank Governor Abdolnaser Hemmati, shortly before the BRICS finance ministers’ meeting in India. However, Reuters reported that the NDB’s corporate communications department had not immediately confirmed the development. The NDB was established in 2015 by Brazil, Russia, India, China and South Africa to finance infrastructure and sustainable development projects. Since then, the bank has expanded its membership to include other emerging economies, including the United Arab Emirates and Egypt. Iran formally joined the BRICS bloc in 2024 as part of efforts to strengthen its position in global geopolitics and economic cooperation.
