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Iran is set to become a member of the New Development Bank (NDB), a financial institution established by the BRICS nations, confirmed Iran’s central bank governor Abdolnaser Hemmati in a state media report. This development is announced prior to a BRICS finance meeting in India, emphasizing Iran’s strategic shift towards alternative financial systems. Since its inception in 2015, the NDB, founded by Brazil, Russia, India, China, and South Africa, has aimed to support infrastructure and sustainable development projects. It has expanded its reach to include countries like the UAE and Egypt, furthering its mission among emerging economies. Hemmati highlighted Iran’s…
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