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Iran will benefit from joining BRICS New Development Bank — Russian senior diplomat

"The New Development Bank finances infrastructure projects at reasonable interest rates," Sergey Ryabkov noted

Russian Deputy Foreign Minister Sergey Ryabkov Sergei Bulkin/TASS

Russian Deputy Foreign Minister Sergey Ryabkov

© Sergei Bulkin/TASS

DUBAI, June 11. /TASS/. Iran will benefit from joining the New Development Bank established by the BRICS countries, Russian Deputy Foreign Minister Sergey Ryabkov believes.

"In order for Iran’s entry into BRICS to face the least difficulties, it is necessary to take a number of measures, including considering the issue of Iran’s membership in the New Development Bank," the Russian senior diplomat told the Iranian IRNA agency on the sidelines of the meeting of the BRICS foreign ministers in Nizhny Novgorod.

"The New Development Bank finances infrastructure projects at reasonable interest rates. I am confident that over time Iran will derive practical benefits from this," Ryabkov said.

The BRICS Council of Foreign Ministers is underway in Nizhny Novgorod on June 10-11. This is the first meeting of foreign ministers after the expansion of the association.

The New Development Bank was established by Brazil, Russia, India, China and South Africa on the basis of an intergovernmental agreement in 2014. The bank’s goal is to mobilize resources for the implementation of investment projects in the BRICS countries and developing countries. Over the years of its operation, the bank has approved more than 90 projects for a total of $32 billion.

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