**Iran to Join BRICS Development Bank Soon, Central Bank Governor Announces**
Iran is poised to become a member of the New Development Bank (NDB), according to a statement made by the country's central bank governor, Abdolnaser Hemmati. This announcement was reported by state media on Wednesday, ahead of a finance meeting of BRICS nations taking place in India.
The NDB, established in 2015 by the BRICS group—comprising Brazil, Russia, India, China, and South Africa—aims to finance infrastructure and sustainable development projects among its member countries. Over the years, the bank has expanded its membership to include nations like the United Arab Emirates and Egypt, and Iran's accession marks another step in this trend.
Hemmati emphasized the significance of the NDB for Iran, particularly in light of the sweeping U.S. and international sanctions that the country currently faces. These sanctions have heightened Tehran's urgency to explore alternative financial avenues outside the traditional U.S. dollar system. "The most important result of 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 stated.
The announcement comes at a time when Iran is actively seeking to strengthen its economic ties with emerging economies. Since joining BRICS in 2024, Iran has made clear its intentions to become a shareholder in the NDB. The bank's corporate communications division, however, has yet to confirm the specifics of Iran's membership.
As part of its broader strategy, Iran is advocating for increased trade among BRICS nations using their national currencies, aiming to reduce reliance on the U.S. dollar for international transactions. Hemmati noted that Iran is pursuing bilateral and trilateral monetary cooperation with other BRICS members, reflecting a significant shift in the country’s economic policy.
The NDB's membership is open to all United Nations member states, as well as borrowing and non-borrowing countries. The recent addition of Uzbekistan as the bank's 10th member further underscores the NDB's growing influence in the global financial landscape.
As the BRICS finance ministers and central bank governors convene in India, the discussions are expected to focus on strategies to enhance economic cooperation and financial transactions among member nations. The Indian government currently holds the rotating chairmanship of BRICS, which adds further importance to this meeting.
The developments surrounding Iran's impending membership in the NDB reflect a broader trend of emerging economies seeking to establish independent financial systems that can operate outside the constraints imposed by Western powers. As the global economic landscape continues to evolve, the role of institutions like the NDB may become increasingly central to the financial strategies of countries like Iran.
In summary, Iran's anticipated membership in the New Development Bank represents a significant step in its efforts to navigate the challenges posed by international sanctions and to foster closer economic ties with other emerging economies. As the BRICS group continues to expand and adapt, the implications of such developments will likely resonate across the global economic community.