Iran could soon join the BRICS New Development Bank (NDB), as it looks to grow its economic power in the face of its drawn-out conflict with the U.S. and Israel.

According to CNBC, the governor of the Central Bank of Iran announced on August 13 that Iran is expected to soon become a member of the NDB, ahead of a BRICS summit scheduled for September. If Iran were to join the NDB, it would become eligible for financing for a range of infrastructure projects across transportation, sanitation and urban development. Membership would also offer new funding sources for a country that has long been limited by U.S. sanctions, and denied access to Western financial institutions like the World Bank and International Monetary Fund.

In a statement to CNBC, an NDB spokesperson stopped short of confirming Iran's potential membership, saying only that the bank's membership "is open to borrowing and non-borrowing member countries." 

BRICS operates as a 10-nation alliance designed to reduce dependence on Western powers and provide a boost to emerging economies across the globe. The group was founded by Brazil, Russia, India and China in 2006, before adding South Africa in 2010, and then later expanding to include Iran, Egypt and Saudi Arabia among others. Separately, the BRICS NDB works as an international development bank that finances infrastructure and sustainable development projects for its member countries.