TEHRAN - Russian Deputy Foreign Minister Sergey Ryabkov has noted that Iran’s membership in the BRICS New Development Bank will pave the way for the country’s smooth accession to the structure of the bloc.

The BRICS New Development Bank is a fruitful financial body that provides money through reasonable loans for infrastructure projects, Ryabkov told Iranian journalists present in the BRICS foreign ministerial meeting in Russia on Tuesday.

He said the Islamic Republic of Iran and other countries that joined the BRICS bloc of emerging economies in January 2024 have made use of the current positive process of development and gained valuable experiences.

Iran’s acting Foreign Minister Ali Bagheri Kani arrived in Nizhny Novgorod in western Russia on Monday to attend the BRICS 2024 as an official member. He has held talks with the foreign ministers of China, Belarus, Sri Lanka, Kazakhstan, and Brazil and the special presidential envoy from the host country.

Iran joined the BRICS group of Brazil, Russia, India, China, and South Africa as a full member in January 2024.

BRICS is an intergovernmental organization comprising Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia, and the United Arab Emirates. Originally identified to highlight investment opportunities, the grouping evolved into a cohesive geopolitical bloc, with their governments meeting annually at formal summits and coordinating multilateral policies since 2009. Bilateral relations among BRICS are conducted mainly based on non-interference, equality, and mutual benefit.

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