01:48 GMT +326 September 2016
Participants in the BRICS Finance Ministers and Central Bank Governors’ Meeting, Meeting of the Board of Governors of the BRICS New Development Bank

Iran to Join BRICS Bank

© Sputnik/ Vladimir Fedorenko
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Iran plans to join the BRICS Bank, the Iranian Tasnim news agency reported Monday citing an Iranian official.

MOSCOW (Sputnik) – Iranian Deputy Minister of Economic Development Mohammad Khazaee said at a meeting of a joint Iran-Brazil economic council that Tehran aims to join the BRICS Bank.

“Iran will join #BRICS Bank: Iranian official,” Tasnim reported on its Twitter account.

The agreement to establish the BRICS New Development Bank (NDB), with an initial capitalization of $100 billion, was signed by the BRICS member states — Brazil, Russia, India, China and South Africa — during the group's 6th summit in Fortaleza, Brazil, in July 2014.

The bank was officially launched at the last BRICS summit in the Russian city of Ufa earlier this year.

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economy, BRICS New Development Bank (NDB), Iran
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  • game222
    Well done Iran! You have made a wise decision and obviously picked the right side of the table to sit at. I only hope other countries see the wisdom of your ways and make application to join BRICS-I?
  • mzungu in Africa
    It will be interesting to see how a bank without Jewish influence works and succeeds. Hopefully they have good security against all sorts of attacks.
  • The Red Queen
    BRIICS ? Needs a new name . Clean up Syria and add them too.
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