Iran's Central Bank Governor Mohammad Reza Farzin confirmed on July 16 that Iran has officially become a member of the New Development Bank (NDB), the financial institution established by the BRICS bloc. This move marks a significant step in Tehran's international financial integration.
Iran had previously been admitted as a full member of BRICS during the summit in Johannesburg, South Africa, in August 2023. Its accession to the NDB followed the completion of necessary legal procedures, including amendments to relevant laws and regulations to align with the bank's charter.
The NDB, founded in 2014 and headquartered in Shanghai, currently has eight members: Brazil, Russia, India, China, South Africa, Bangladesh, the UAE, and Egypt. Iran will become the ninth member of the organization.
Analysts say joining the NDB will allow Iran to access concessional loans for investment in infrastructure, renewable energy, and other sustainable development projects amid Western economic sanctions. It also offers an opportunity for Iran to diversify its international financial channels beyond the traditional banking system.
Earlier, the NDB had announced plans to expand its membership in the Asia-Pacific and Middle East regions to strengthen the role of developing countries in the global financial system.
