Zillar Barta Desk,New Delhi : Iranian President Masoud Pezeshkian has proposed the creation of a BRICS joint reinsurance company aimed at covering risks and damages linked to major infrastructure and energy projects across the bloc.
Speaking at the BRICS Business Forum in New Delhi, Pezeshkian said the proposed mechanism could help protect critical infrastructure projects from financial risks and encourage greater participation from private investors. He reportedly suggested an initial capitalisation of around $10 billion for the proposed reinsurance firm.
Pezeshkian also called for a stronger role for the BRICS New Development Bank (NDB) in financing infrastructure and energy projects. He proposed dedicated credit lines, local-currency financing and credit guarantees to support investment and reduce exposure to financial and geopolitical risks.
The Iranian president argued that BRICS should move beyond traditional commodity-based cooperation and develop deeper industrial and financial integration among its members. He also stressed the importance of creating mechanisms that can protect legitimate trade and investment from disruptions.
His proposal comes as BRICS seeks to expand financial cooperation and reduce dependence on traditional Western-dominated financial systems. The bloc is currently meeting in New Delhi, with leaders discussing trade, investment, infrastructure financing and alternative financial mechanisms amid heightened geopolitical tensions.
If implemented, the proposed BRICS reinsurance mechanism could provide additional protection for large-scale infrastructure and energy investments, while potentially strengthening financial cooperation among member countries.
