Iran Set to Join BRICS Development Bank ‘Soon’, Central Bank Chief Says

Iran Set to Join BRICS Development Bank ‘Soon’, Central Bank Chief Says

Iran will soon become a member of the New Development Bank (NDB), the multilateral lender founded by the BRICS group of major emerging economies, the country’s central bank governor announced on Wednesday, marking a fresh step in Tehran’s push to deepen economic ties outside Western-dominated financial systems.

The statement, reported by Reuters from Dubai, did not specify an exact date for joining but described the membership as imminent, underscoring Iran’s accelerating pivot toward non-Western blocs amid sustained sanctions pressure.

What the central bank governor said

According to the Reuters report, the governor of the Central Bank of Iran confirmed that the country “will soon join the New Development Bank,” without disclosing further details on the terms or the timeline. The brief declaration was made in Dubai, a regional hub for Iran’s international economic engagements.

The New Development Bank: a BRICS creation

Established in 2014 by Brazil, Russia, India, China, and South Africa, the New Development Bank aims to mobilize resources for infrastructure and sustainable development projects in BRICS nations and other emerging economies. The bank has already expanded its membership to include Bangladesh, the United Arab Emirates, Uruguay, and Egypt.

• The NDB provides an alternative source of development finance, complementing existing Western-led institutions like the World Bank and the International Monetary Fund.
• Membership allows countries to access loans, guarantees, and technical assistance, often with fewer political conditions than traditional lenders.

Iran’s wider pivot and sanctions context

Iran’s planned accession fits into a broader reorientation of its foreign economic policy, as the country remains heavily sanctioned by the United States and its allies over its nuclear program and other issues. By strengthening ties with multilateral bodies outside Western influence, Tehran seeks to mitigate the impact of financial restrictions and secure new avenues for investment and trade.

• Iran officially joined the BRICS grouping itself in January 2024, alongside Egypt, Ethiopia, and the United Arab Emirates, in a major expansion of the bloc.
• The move toward NDB membership deepens that integration and could enhance Iran’s ability to fund domestic infrastructure despite limited access to global capital markets.

“This is a strategic step that could provide Iran with a viable channel for development funding at a time when its access to the dollar-based financial system is severely curtailed,” analysts note, though financial experts caution that the NDB’s own operations are also influenced by its major shareholders’ ties with the West.

What membership means for Iran

Joining the NDB would grant Iran the status of a member country, enabling it to participate in governance decisions and apply for financing for projects ranging from transport and energy to digital infrastructure. However, the practical scale of lending may depend on the bank’s capital allocation and Iran’s contribution requirements.

The announcement does not clarify whether Iran will be a full member with capital subscriptions or will enter under a different category. As with all NDB members, the country would likely need to ratify relevant agreements through its domestic legislative process.

The development comes as BRICS continues to discuss further expansion and de-dollarization initiatives, with the next leaders’ summit expected to consider deeper cooperation among the bloc’s financial institutions. Iran’s early move to align with the NDB signals a proactive effort to cement its position within the evolving architecture of global emerging-market partnerships.