BRICS member states have supported Iran’s application to join the New Development Bank (NDB), also known as the BRICS Bank, Iranian government spokesperson Fatemeh Mohajerani said.

Mohajerani made the statement following the BRICS summit in India, according to Iran International.

Iranian President Masoud Pezeshkian held talks with six heads of state, prime ministers and crown princes during the summit, she said.

However, the summit’s final declaration did not formally confirm Iran’s admission to the NDB. Instead, the document called for an accelerated review of applications from interested BRICS member states.

Iran’s bid to join the bank comes as Tehran seeks to deepen its economic and financial ties with the BRICS group and expand access to alternative sources of development financing.

The New Development Bank was established in 2015 by the BRICS member states to finance infrastructure and sustainable development projects in member and partner countries.