Ryabkov: Iran to Benefit from Joining BRICS New Development Bank

11 June

Russian Deputy Foreign Minister Sergei Ryabkov believes that Iran will practically benefit from joining the New Development Bank established by the BRICS countries. Ryabkov made these remarks during the BRICS Foreign Ministers' Meeting (FMM) in Nizhny Novgorod.


Ryabkov emphasized that for Iran's accession to BRICS to face minimal difficulties, several measures need to be taken, including considering Iran's membership in the New Development Bank. He highlighted that the New Development Bank provides financing for infrastructure projects at reasonable interest rates, and he expressed confidence that Iran will derive practical benefits from this in due course.



The BRICS Ministerial Council convened in Nizhny Novgorod on June 10-11, marking the first meeting of foreign ministers of the expanded BRICS group. The New Development Bank, established by Brazil, Russia, India, China, and South Africa based on a 2014 intergovernmental agreement, aims to mobilize resources for investment projects in BRICS and developing countries. Over the years, the bank has approved more than 90 projects totaling $32 billion.



GSV "Russia - Islamic World"

Photo: Russian Foreign Ministry

Based on TASS materials