✨ 2026 Shanghai Summer School (BRICS Program) students lists are now available. View Details

Iran expected to join BRICS New Development Bank soon

Irã deve aderir ao Banco de Desenvolvimento do Brics em breve
Countries
BrazilChinaIndiaIranRussiaSouth Africa
Cooperation areas
Economic GrowthInclusive MultilateralismInstitutional Development

Source: EBC | Original Published At: 2026-08-12 00:00:00 UTC

Key Points

  • Iranian Central Bank Governor Abdolnaser Hemmati said Iran will soon join the New Development Bank, the BRICS financial institution.
  • The statement was made ahead of the first BRICS meeting of finance ministers and central bank governors, hosted by India.
  • Iran joined BRICS in 2024 during the group's expansion and has sought membership and shareholder status in the New Development Bank.
  • The New Development Bank was created by Brazil, Russia, India, China and South Africa in 2015 to finance infrastructure and sustainable development projects.
  • The bank has expanded its membership to include countries such as the United Arab Emirates and Egypt.
  • Iran remains under broad sanctions from the United States and the international community, giving it an incentive to seek financial channels outside the dollar-based system.
  • BRICS members have been promoting trade and financial transactions in national currencies to reduce dependence on the U.S. dollar.
Scroll to Top