Iran intends to join BRICS Development Bank
Date
10/15/2024 3:36:36 AM
(MENAFN) The governor of the Central Bank of Iran (CBI), Mohammadreza Farzin, announced Iran's intention to join the New Development Bank (NDB), formerly known as the BRICS Development Bank. Speaking at the BRICS annual summit in Russia, Farzin emphasized that the NDB can address many development goals for BRICS member countries. He criticized the World Bank for operating under the influence of the US and Western interests, expressing hope that the NDB would provide a more supportive framework for its member nations.
During Iran's term as secretary of BRICS, Farzin highlighted the significant agreements made with the Central Bank of Russia to enhance banking network connections and foster financial cooperation between the two countries. He pointed out that these discussions were revisited at the recent BRICS summit, further solidifying ties and collaboration among member states.
One of the key topics of interest was the establishment of a payment system based on local currencies, which has attracted attention from China, Russia, and Iran. This initiative aims to reduce dependency on traditional currency systems and facilitate smoother trade and financial transactions among the participating countries.
The New Development Bank, established by BRICS nations—Brazil, Russia, India, China, and South Africa—serves as a multilateral development bank focused on supporting public and private projects through various financial instruments, including loans and guarantees. The NDB also seeks to collaborate with international organizations and financial entities, providing technical assistance for projects it supports, thus positioning itself as a vital player in global development financing.
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