Indonesia Seeks BRICS-Backed Lender That Taps Local Currency
Indonesia Seeks BRICS-Backed Lender That Taps Local Currency
Jakarta. A senior diplomat recently confirmed that plans remained afoot for Indonesia’s membership in the BRICS-sponsored New Development Bank, or NDB, as the multinational lender sought to boost non-dollar financing.
About a decade ago, the original BRICS members, namely Brazil, Russia, India, China, and South Africa, formed the NDB to bankroll their projects and those of developing countries. BRICS is a separate group of emerging economies created to challenge the Western-led order. Indonesia has been part of BRICS since early 2025.
President Prabowo Subianto openly declared Indonesia’s wish to join the NDB when he met the bank’s boss, Dilma Rousseff, that same year. Fast forward to September 2026, Tri Tharyat, who advises on multilateral affairs at the Foreign Ministry, said that an NDB seat was still on Jakarta’s wishlist.
“The NDB will openly accept countries who show interest in joining as long as they follow the procedures. … We [Indonesia] are still coordinating within our government the early steps so we can accede to the bank soon,” Tri Tharyat told a press briefing in Jakarta on Thursday.
The envoy said that the lender became a “less strict” alternative compared to borrowing money from the International Monetary Fund (IMF) and the World Bank.
“The beneficiary receives money in its local currency so they can cut the transaction costs. The [financing] meets the needs of the countries,” Tri Tharyat said.
He did not disclose by what year Indonesia hopes to be an NDB member, but said other countries “took a while” before they could officially gain a seat.
At the recent BRICS leaders’ gathering in New Delhi, the club “reiterated support” for NDB’s expansion in their joint statement. They also pushed for an “expedited consideration” of the NDB applicants, without specifically mentioning Jakarta. The group agreed to have NDB roll out loans in local currencies to cut their dependence on the dollar.
NDB has so far approved at least $42.9 billion in financing. Its portfolio spreads across clean energy, transport infrastructure, and sanitation projects, among others. A lion’s share of the money has mostly gone to the early BRICS members, who each hold 18.72% of the subscribed capital. The bank later expanded with Bangladesh, the United Arab Emirates, Egypt, Algeria, and most recently, Uzbekistan.
In late 2025, senior economic minister Airlangga Hartarto said that Indonesia would invest $1 billion in the bank to become a shareholder.
NDB is open to both borrowing and non-borrowing members.
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