Iran prepares to join BRICS bank in search of new funding sources
GeopoliticsMacro
Iran is preparing to join the New Development Bank, also known as the BRICS bank, to expand financial cooperation and increase fundraising channels amid pressure from war and sanctions. Abdolnaser Hemmati, governor of the Central Bank of Iran, said during a visit to India that Iran will become a member of the NDB soon, but an NDB spokesperson said the matter cannot yet be confirmed, as Iran must first go through the membership process. Uruguay, Colombia, Ethiopia, Angola, and Zimbabwe are currently under consideration. If granted membership, Iran would be able to apply for funding for development projects in transport, sanitation, digital infrastructure, and urban development. Joining the NDB is important for Iran, which faces restrictions on access to international funding because of sanctions and war with the United States and Israel. China is Iran's largest trading partner and buys more than 80 percent of the oil Iran exports in 2025.
