New Delhi: The Iranian president, Masoud Pezeshkian, has proposed a joint BRICS reinsurance company with an initial capital of $10 billion to cover risks linked to major infrastructure and energy projects and strengthen private-sector confidence. The proposal, made at the BRICS business forum in New Delhi, is an Iranian initiative and has not been announced as an agreed policy of the grouping.
Pezeshkian also called for greater use of national currencies in trade among BRICS members, alongside mechanisms to manage currency risks and enable reciprocal settlements. He argued that concentration of the international financial system around a limited number of currencies left trade vulnerable to political shocks.
The Iranian foreign minister, Abbas Araghchi, subsequently said BRICS members supported strengthening national currencies and their use in intra-group trade, although views differed over a single BRICS currency. The distinction keeps Tehran’s immediate proposal focused on local-currency trade rather than the creation of a common currency.
Pezeshkian said the New Development Bank (NDB), the multilateral lender established by BRICS countries, should become a principal financing engine for infrastructure and energy projects. He proposed dedicated credit lines, financing in local currencies and guarantee instruments to attract private capital.
His wider proposals included more integrated trade infrastructure, lower barriers to commerce and deeper private-sector participation. Pezeshkian also positioned Iran’s energy resources, geographical location and transport links as assets that could support BRICS connectivity and supply chains.
Outreach to Indian leaders
Later, addressing Indian religious leaders, intellectuals and business representatives, Pezeshkian thanked the Indian government and the prime minister, Narendra Modi, for their hospitality. He said his engagements could pave the way for greater cooperation in culture, technology, trade, science and the economy.
RNA Media had earlier reported that Kashmir’s chief cleric, Mirwaiz Umar Farooq, was among those present at Pezeshkian’s interaction with Indian religious leaders, intellectuals and business representatives. Acharya Balkrishna of Patanjali Ayurved also attended and felicitated the Iranian president. No formal commercial or traditional medicine agreement was announced.
Pezeshkian also met the president, Droupadi Murmu, at Rashtrapati Bhavan on Saturday during his visit for the 18th BRICS Summit. The interaction added another high-level engagement to his first presidential visit to India and came amid renewed contacts between New Delhi and Tehran through BRICS. While the meeting was confirmed by ANI and accompanying visuals, the president’s secretariat had not issued a detailed readout of the discussions at the time of publication.
RNA Media had earlier reported on Pezeshkian’s separate meeting with Modi, where the two leaders reviewed bilateral ties and developments in West Asia.
Iran’s proposals at the business forum remain for BRICS members to consider, with their immediate emphasis on local-currency settlement, project financing and risk-management mechanisms rather than a common BRICS currency.