Iran Says It Will Join the BRICS Bank — Bank Can’t Confirm
BRICS: Expansion Key Facts —The claim. Iran will soon join the New Development Bank, central bank governor Abdolnaser Hemmati said in a state media report published August 12, 2026 — the bank itself told Reuters on August 13 it cannot confirm any accession. —The members. The NDB has 10 members: founders Brazil, Russia, India, China […] The post Iran Says It Will Join the BRICS Bank — Bank Can’t…
Iran has announced its intention to join the New Development Bank, but the bank itself has been unable to confirm this reported accession. The New Development Bank, founded in 2015, is led by the five original BRICS countries: Brazil, Russia, India, China, and South Africa. Since its inception, the bank has grown to include Bangladesh, the United Arab Emirates, Egypt, Algeria, and Uzbekistan as members.
Membership is open to all United Nations member states, whether they intend to borrow funds or join as non-borrowing shareholders. The bank's authorized capital stands at US$100 billion, and it focuses on financing infrastructure and sustainable development projects across emerging markets. The bank's operations are primarily funded through international capital markets, including dollar bonds, and its credit rating depends on this access.
However, Iran's membership in the bank would test the bank's standing in the markets where it borrows due to the sanctions imposed on the country. The bank's official stance is that it cannot confirm Iran's accession, and Iran is not listed among its prospective members.
Written by urgent.news from The Rio Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
