Potential NDB Entry Could Boost Iran’s Access to Multilateral Funds

Iranian central bank governor Abdolnaser Hemmati told state outlets on 13 August that the nation expects to become a member of the New Development Bank (NDB) soon. The announcement preceded the BRICS finance ministers and central bank governors meeting in Jaipur, scheduled for 12‑13 August. While the NDB’s corporate communications team has not yet confirmed the information, the statement underscores Iran’s desire to tap the bank’s pool of development financing. The NDB, launched in 2015 by Brazil, Russia, India, China and South Africa, provides loans for infrastructure and sustainable‑development projects and has recently welcomed the United Arab Emirates, Egypt and other emerging markets. Iran, which joined the BRICS coalition in 2024, could gain a new source of multilateral finance, helping to offset the impact of U.S. and international sanctions that have limited its access to traditional dollar‑based channels.