economy
Iran looks to ramp up economic alliance with BRICS nations as war with U.S. drags on
Iran’s central bank chief said Thursday that the country is set to join the BRICS New Development Bank.
TL;DR
- Iran is set to join the BRICS New Development Bank.
- The BRICS alliance initially included Brazil, Russia, India, and China, later expanding to include South Africa, Iran, Egypt, Ethiopia, Saudi Arabia, the United Arab Emirates, and Indonesia.
- Abdolnasser Hemmati, governor of the Central Bank of Iran, announced the upcoming membership while in India.
- The New Development Bank (NDB) aims to mobilize resources for infrastructure and sustainable development in emerging markets.
- Membership in the NDB is open to all United Nations members.
- Iran's participation could provide access to financing for transport, sanitation, digital infrastructure, and urban development projects.
- Long-standing sanctions and the current conflict with the U.S. and Israel have severely impacted Iran's economy.
- China is Iran's largest trading partner.
- The White House has previously threatened tariffs on countries trading with Iran.