Iran urges forming BRICS states national wealth joint fund

An Iranian official has proposed to form a joint fund of the national wealth funds of the BRICS member states.

News ID: ۸۵۵۱۰۴

23 July 2024

EghtesadOnline: Hossein Eyvazlou, a member of the Executive Board of the National Development Fund of Iran (NDFI), proposed to set up a joint fund for the national wealth of BRICS member states during the meeting of the “BRICS International Futurological Forum, Smart Civilization” that was held alongside the BRICS Summit from July 10 to 11 in the Russian capital of Moscow.

Eyvazlou stressed that this approach would allow the BRICS member countries to bring together their resources and expertise and create a powerful financial base to undertake extensive projects.

He also underlined that the initiative would promote economic stability and diversification, reducing the collective vulnerability to global economic fluctuations.

The Iranian official also highlighted that it would ultimately enhance their geopolitical influence, enabling them to play a more significant role in shaping the global economic landscape.

BRICS is a major economic alliance of nations of the Global South, founded by Russia, China, India, and Brazil, with South Africa joining later. Recently, BRICS has undergone a major expansion with the addition of several new members.

The BRICS group of emerging economies has welcomed 2024 by officially adding five developing nations.

Specifically, the bloc introduced Saudi Arabia, the United Arab Emirates (UAE), Iran, Egypt, and Ethiopia to kick off the new year.

Last year, the BRICS economic alliance has flourished. In what was undoubtedly a year of growth, the bloc fast-tracked a host of initiatives. Those range from its de-dollarization plans to its first-ever expansion bid. The latter of which is finally set to be made official.

Indeed, the BRICS alliance has welcomed 2024 by officially adding five expansion nations to its ranks. Specifically, it introduced Saudi Arabia, the UAE, Iran, Egypt, and Ethiopia to be the first countries to constitute expansion since South Africa was added more than a decade ago.

The expansion is set to have massive geopolitical ramifications, as they could be hugely important to its multipolar goals. / Mehr