Iran's BRICS new development bank membership facilitates bloc integration

(MENAFN) Russian Deputy Foreign Minister Sergey Ryabkov highlighted Iran's prospective membership in the BRICS New Development bank as a significant step towards the country's seamless integration into the bloc's structure. Speaking to Iranian journalists during the BRICS foreign ministerial meeting in Russia, Ryabkov emphasized the strategic importance of Iran's participation in the fruitful financial body, which provides essential funding through reasonable loans for infrastructure projects.

Ryabkov underscored the positive developments and valuable experiences gained by Iran and other countries following their accession to the BRICS bloc of emerging economies in January 2024. He highlighted the current momentum of development and cooperation within the bloc, noting the conducive environment for member states to leverage opportunities for mutual benefit and growth.

Iran's acting Foreign Minister, Ali Bagheri Kani, recently attended the BRICS 2024 meeting in Nizhny Novgorod, Russia, as an official member. During his visit, Bagheri Kani engaged in discussions with foreign ministers from China, Belarus, Sri Lanka, Kazakhstan, and Brazil, as well as a special presidential envoy from the host country. These interactions underscored the importance of diplomatic engagement and collaboration among BRICS members to address shared challenges and pursue common objectives.

Iran's full membership in the BRICS group, alongside Brazil, Russia, India, China, and South Africa, solidifies its position within this influential geopolitical bloc. Originally established to highlight investment opportunities, BRICS has evolved into a cohesive entity, with member governments convening annually at formal summits to coordinate multilateral policies. Bilateral relations among BRICS nations are characterized by principles of non-interference, equality, and mutual benefit, fostering a framework for constructive engagement and cooperation on various fronts.

Iran's forthcoming integration into the BRICS New Development Bank and its active participation in the broader BRICS framework signify significant milestones in the country's diplomatic outreach and economic engagement on the global stage. As Iran deepens its ties within the BRICS community, it stands to benefit from enhanced collaboration and collective action in addressing regional and global challenges while advancing its national interests and priorities.



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