Iran will soon join the New Development Bank (NDB), the lender established by BRICS nations, Central Bank Governor Abdolnaser Hemmati said in a state media report on Wednesday ahead of a BRICS finance meeting in India.
Iran moves towards NDB membership
Iran joined BRICS in 2024 as the group expanded, aiming to deepen economic ties among emerging economies. It has since made clear its desire to become a member and shareholder of the New Development Bank.
The bank was established by Brazil, Russia, India, China and South Africa in 2015 to finance infrastructure and sustainable development projects. It has since expanded its membership to include the United Arab Emirates, Egypt, Uzbekistan and other emerging economies.
"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 said, according to state media.
Hemmati is attending the first meeting of BRICS finance ministers and central bank governors, hosted by India, which holds the rotating BRICS chairmanship this year. The final decision to formally accept Iran to the NDB is pending the approval of the bank's Board of Governors.
For Tehran, joining the NDB could provide an additional channel for infrastructure financing, investment and economic cooperation outside traditional Western-led financial institutions.
The bank's focus on infrastructure and sustainable development could offer Iran another potential source of financing while strengthening economic ties with BRICS members, including China, Russia and India.
The move also fits into Iran's efforts to reduce its exposure to dollar-based financial systems amid sweeping U.S. and international sanctions. Hemmati said Iran was seeking bilateral and trilateral monetary cooperation with BRICS members and believed the group could expand trade using national currencies.
BRICS members have promoted greater use of national currencies in trade and financial transactions as part of efforts to diversify international financial relationships.
However, NDB membership alone would not remove U.S. sanctions or guarantee access to international capital. The practical benefits for Tehran would depend on the bank's ability to operate with a heavily sanctioned Iranian economy.
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