Benefits of the New Development Bank (NDB) for BRICS Member Countries and Iran
The New Development Bank offers significant advantages to BRICS member countries. Below are the key benefits of this bank for Iran:
Alignment with the Bank’s Vision on Restructuring the Global Financial System
The bank aims to establish a new credit rating institution that contributes to designing the architecture of a modern global financial system. This is especially important for Iran, whose last credit rating was +B in 2006, and no rating has been assigned since then.
De-dollarization and Issuance of Securities in Local Currency
Thirty percent of the bank’s project financing will be conducted in local currencies instead of the US dollar. Consequently, the bank’s approach to mobilizing financial resources in the local currencies of member countries aligns with Iran’s policies.
Speed in Project Evaluation Process
The bank strives to identify, approve, and disburse project funds within six months, which is highly efficient and desirable.
Access to New Financial Resources
Joining this new financial institution allows access to broader financial resources, particularly given the extensive financial needs of the country, even while Iran maintains membership in other international financial forums.