Iran plans to join BRICS New Development Bank

Iran thinks high of the role of the BRICS New Development Bank (NDB) in the association and is going to become its member, Governor of the Central Bank of Iran Mohammad Reza Farzin said after the BRICS Finance Ministers and Central Bank Governors Meeting in Moscow.

"The New Development Bank created by BRICS can correspond to development goals of many BRICS countries, since the World Bank is acting now in interests of the United States and Western countries only. We are going to become a member of this bank," Farzin said.

The NDB was founded by BRICS countries on the basis of the intergovernmental agreement signed in Brazil in 2014. The goal of bank’s operations is to finance infrastructural projects and sustainable development projects in BRICS countries and developing economies.