At BRICS summit: CBI prioritizes NDB expansion, sustainable project financing
A delegation from the Central Bank of Iran at the BRICS Finance Ministers' meeting in Brazil emphasized facilitating the admission of new members to the New Development Bank (NDB) and its role in financing infrastructure projects and sustainable development.
The Central Bank delegation, headed by Asghar Abolhassani, the CBI deputy governor, participated in the third meeting of deputy finance ministers and central bank governors, and the first meeting of Finance Ministers and Central Bank Governors of BRICS member states, held under the rotating presidency of Brazil on July 3 and 4 in Rio de Janeiro, IRNA reported on Wednesday.
During these meetings, key topics raised included the imperative of multilateralism over unilateralism, the establishment of a unified payment infrastructure for the bloc, addressing climate change, and the critical need to bolster economic cooperation. The present BRICS member countries – consisting of Brazil, China, India, Russia, South Africa, Iran, the United Arab Emirates, Indonesia, and Ethiopia – delivered speeches.
Iran, while outlining the Central Bank's efforts to control inflation and strengthen the national currency's value through coherent monetary policies despite facing challenges from oppressive sanctions, and highlighting the sustained positive growth of the Iranian economy in successive past quarters, presented several points.
The topics included emphasizing the BRICS group's key role as one of the important global economic coalitions, enumerating the country's economic capacities such as rich natural resources, strategic geographical location, and skilled human resources, stressing the need to enhance financial, banking, and economic cooperation among BRICS countries, the need to reduce dependence on traditional financial systems and achieve balance in the global economy, Iran's commitment to active participation in realizing BRICS' common goals, expanding the use of national currencies in trade among group countries with the approach of reducing dependence on the dollar and achieving financial independence, integrating payment systems, facilitating the admission of new members to the NDB, and emphasizing the role of the bank in financing infrastructure projects and sustainable development.
Furthermore, on the sidelines of the meetings, constructive meetings were held with officials from the ministries of finance and central banks of target countries to secure their support for Iran's membership in the NDB and expand banking cooperation.
Finance Ministers and Central Bank Governors of BRICS member states pose for a photo on the sideline of the first meeting held under the rotating presidency of Brazil on July 3 and 4 in Rio de Janeiro.