Jakarta’s pursuit of membership in the BRICS-sponsored New Development Bank remains active as the multinational lender pushes to expand non-dollar financing, according to a senior Foreign Ministry official speaking in September 2026. Indonesia has participated in BRICS as a member since early 2025, and government officials are currently coordinating initial steps to formally accede to the bank.
During a press briefing in Jakarta on Thursday, Tri Tharyat, who advises on multilateral affairs at the Foreign Ministry, stated that an NDB seat remains a priority on Jakarta’s wishlist. “The NDB will openly accept countries who show interest in joining as long as they follow the procedures,” Tharyat told reporters. He added that the administration is “still coordinating within our government the early steps so we can accede to the bank soon.” President Prabowo Subianto previously declared the country’s desire to join the institution during a meeting with NDB head Dilma Rousseff in 2025. In late 2025, senior economic minister Airlangga Hartarto stated that Indonesia plans to invest $1 billion in the bank to secure shareholder status.
Financial Integration and Local Currency Push
Alongside membership talks, Bank Indonesia has pressed BRICS member nations to deepen financial integration by accelerating local currency transactions and strengthening cross-border payment connectivity. According to Bank Indonesia, these measures are designed to shield regional economies from geopolitical risks and global market fragmentation. At the 2nd BRICS Finance Ministers and Central Bank Governors Meeting held on September 9–10 in Mumbai, India, Bank Indonesia Governor Destry Damayanti emphasized the need to maintain financial stability while fostering new growth sources. Damayanti, alongside Deputy Finance Minister Juda Agung, represented Indonesia at the high-level gathering.
On the sidelines of the Mumbai summit, Damayanti met with Reserve Bank of India Governor Sanjay Malhotra to advance bilateral financial integration. According to Bank Indonesia, their discussions centered on expanding the Indonesia–India Local Currency Transaction framework, establishing a Local Currency Bilateral Swap Arrangement, and connecting the two nations’ cross-border QR code payment systems. At the conclusion of the Mumbai meeting, participating delegates adopted a joint statement committing to strategic cooperation in digital transformation, artificial intelligence, cyber resilience, sustainable finance, and wider local currency adoption. BRICS members also reaffirmed support for reforming the global financial architecture, including governance changes at the International Monetary Fund to strengthen the representation of developing countries.
Did You Know? The New Development Bank was established about a decade ago by the original BRICS members—Brazil, Russia, India, China, and South Africa—to finance projects in developing countries, and it has since approved at least $42.9 billion in financing.
Advantages of NDB Membership for Jakarta
Foreign Ministry advisor Tri Tharyat described the NDB as a less strict alternative compared to borrowing money from traditional institutions like the International Monetary Fund and the World Bank. According to the envoy, borrowers receive funds in local currency, which helps cut transaction costs and directly meets national financing needs. The lender’s portfolio currently spans clean energy, transport infrastructure, and sanitation projects. While the majority of funding has historically gone to early BRICS members—who each hold 18.72% of subscribed capital—the bank has gradually expanded to include Bangladesh, the United Arab Emirates, Egypt, Algeria, and Uzbekistan.
Although Tharyat did not specify a target year for Indonesia’s official accession, noting that other applicant countries “took a while” before gaining a seat, recent BRICS leadership gatherings have shown momentum for expansion. At the recent BRICS leaders’ gathering in New Delhi, member nations reiterated support for NDB expansion in their joint statement, pushing for expedited consideration of applicants while agreeing to roll out loans in local currencies to reduce dollar dependence. NDB is open to both borrowing and non-borrowing members.
Frequently Asked Questions
When did Indonesia join BRICS?
Indonesia has been a part of BRICS since early 2025.
How much does Indonesia plan to invest in the New Development Bank?
In late 2025, senior economic minister Airlangga Hartarto announced that Indonesia intends to invest $1 billion in the bank to become a shareholder.
What are the stated benefits of borrowing from the NDB?
According to Foreign Ministry advisor Tri Tharyat, borrowers receive funds in their local currency to cut transaction costs, and the lender operates as a less strict alternative to the IMF and World Bank.
How will local currency financing arrangements impact Indonesia’s broader economic stability in the long term?
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