Indonesia Still in Process of Joining New Development Bank

RRI.CO.ID, Jakarta – Special Advisor to the Indonesian Ministry of Foreign Affairs for Multilateral Policy Strengthening, Tri Tharyat, said Indonesia is still undergoing the initial stages of the accession process to become a member of the New Development Bank (NDB), established by BRICS countries. Tri explained that the NDB is open to countries interested in joining.

He said the NDB currently has 10 members, seven of which are BRICS members, while the other three are Bangladesh, Algeria, and Uzbekistan. In addition to Indonesia, several countries, including Ethiopia and Iran, are also in the accession process.

“Indonesia’s accession process to the NDB initially began during the President’s meeting with NDB President Dilma Rousseff on March 25, 2025,” Tri said during a press briefing in Jakarta on Thursday, September 17, 2026.

Tri stressed that the investment figure of US$1 billion that had circulated had never been officially announced by the government. Discussions are currently focused on the membership mechanism and requirements.

“Currently, the relevant ministries and institutions continue to coordinate to undertake the initial stages so that Indonesia’s accession process to the NDB can be carried out in the not-too-distant future,” Tri said.

According to him, the NDB could serve as an alternative source of development financing. He said the NDB has several different arrangements from the World Bank and the International Monetary Fund (IMF), including the possibility of financing in the recipient country’s local currency, which could help reduce transaction costs.

“The recipient country will receive the assistance in its local currency. Therefore, transaction costs can be reduced,” he said.

Tri added that the process of becoming a full NDB member can also take time for other countries. The Indonesian government, he said, will provide further updates once concrete steps have been taken through official communication with the NDB.