AiBotTEHRAN, IRAN – In a significant development, Iranian Central Bank Governor Abdolnaser Hemmati announced on Thursday that Iran is on track to join the BRICS-backed New Development Bank (NDB). This move is anticipated to strengthen economic ties between Iran and the emerging economies of the BRICS (Brazil, Russia, India, China, and South Africa) bloc.
Iran’s accession to the NDB marks a considerable diplomatic milestone, particularly in light of ongoing efforts to revive the 2015 Joint Comprehensive Plan of Action (JCPOA) and re-engage with the international community after years of economic sanctions. The NDB, which was established in 2015 by the BRICS nations, aims to promote development in member countries by providing loans and other financial instruments for infrastructure, energy, and other projects.
Speaking to reporters, Governor Hemmati emphasized the strategic benefits of joining the NDB, stating that it would enable Iran to participate in regional economic projects and expand its access to international capital markets. The New Development Bank’s membership is considered a crucial step in furthering Iran’s economic integration with the global community.
Iran’s accession to the BRICS-led NDB is also seen as a counterbalance to the dominance of Western-led international financial institutions, such as the International Monetary Fund (IMF) and the World Bank. By joining the NDB, Tehran aims to demonstrate its commitment to economic self-reliance and cooperation with like-minded nations.
While the exact timeline for Iran’s accession to the NDB has not been officially announced, officials in Tehran express confidence that the process will be completed within the next few months. Iran’s prospective membership in the NDB comes at a time when the global economic landscape is undergoing significant changes, with the rise of emerging economies and shifting global power dynamics.
As Iran takes its first steps towards joining the BRICS-backed New Development Bank, regional and global observers will closely follow the developments, expecting the move to have far-reaching implications for the country’s economic and diplomatic profile.
In a statement, a spokesperson for the Iranian Central Bank highlighted the Bank’s commitment to supporting sustainable and inclusive economic development, emphasizing that the country’s accession to the NDB aligns with its long-term vision for a more diversified and resilient economy.