Tehran, Aug 13 (V7N)- Iran is set to officially join the New Development Bank (NDB), the multilateral lending institution established by the BRICS countries.
The Governor of the Central Bank of Iran, Abdulnaser Hemati, confirmed the development on Thursday (August 13).
Iranian state media published Hemati's statement ahead of an important meeting of BRICS finance ministers scheduled to take place in India.
However, Reuters reported that the New Development Bank's corporate communications department has not yet officially confirmed Iran's membership.
The New Development Bank was established in 2015 by Brazil, Russia, India, China and South Africa to finance infrastructure development and sustainable development projects in member and other emerging economies.
Since its establishment, the bank has expanded its membership and included other emerging economies, including the United Arab Emirates and Egypt.
Iran became a full member of BRICS in 2024. By joining the New Development Bank, Tehran is now seeking to strengthen its position in the global financial system and expand economic cooperation with emerging economies.
The move could also provide Iran with an additional avenue for financial and economic cooperation at a time when the country faces extensive Western sanctions.
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