© AP Photo/Vahid Salemi
© AP Photo/Vahid Salemi


The question of Iran joining the BRICS New Development Bank was not discussed in any format, the Russian Finance Ministry press service told TASS Monday.

“The question of Iran joining the New Development Bank was not discussed in any form,” the Ministry said.

In accordance with the articles of agreement of the New Development Bank, any member-country of the UN can join the bank, by submitting official request for joining and sharing the goals and tasks of the Bank’s activities, the Russian Finance Ministry said. The Bank then reviews the application in detail. “At the moment there were no steps in this direction from the Iranian side,” the Finance Ministry said.

The agreement was signed on July 15, 2014 in Fortaleza, Brazil. It provides for establishment of the New Development Bank to finance infrastructural projects and sustainable development projects in BRICS member-nations and developing economies.

BRICS member-states will act as bank founders and will be vested with special rights. In particular, the president of the bank will only be elected by rotation among representatives of member-states and key decisions in management authorities of the bank will be made by the majority of votes of founding states. The bank will have a three-tier corporate governance system — the board of governors, the board of directors, and the president.

The agreement is opened for accession of new member-nations, including developed and developing economies. The bank will be headquartered in Shanghai.