German Company Faces Heavy Losses as Strait of Hormuz Remains Closed
Darwin, August 13: German container shipping giant Hapag-Lloyd reported losses of around $600 million in the second quarter (April–June) due to the closure of the…
Darwin, August 13: Iran has announced that it will soon join the New Development Bank (NDB), the multilateral lender established by the BRICS bloc. The announcement was made by Iran’s central bank governor, Abdolnaser Hemmati, according to Al Jazeera.
Hemmati’s remarks were published by Iranian state media on Wednesday (August 12). He said Iran’s upcoming membership in the NDB had been announced ahead of a meeting of BRICS finance ministers and central bank governors to be held in India.
However, Reuters reported that the NDB’s corporate communications department had not confirmed Iran’s membership.
Brazil, Russia, India, China and South Africa established the New Development Bank in 2015 to finance infrastructure and sustainable development projects. The bank later expanded its membership to include several other emerging economies, including the United Arab Emirates and Egypt.
Iran officially joined the BRICS bloc in 2024. If it becomes a member of the NDB, Tehran’s economic and financial ties with the BRICS bloc are expected to deepen further.
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