ALGERIA AUTHORISED TO JOIN BRICS NEW DEVELOPMENT BANK

Sun 01 September 2024:

Algeria has been authorised to join the BRICS New Development Bank (NDB), as announced by the bank’s president and former Brazilian president, Dilma Rousseff, during a press conference yesterday at the ninth annual meeting in Cape Town.

The move would mark Algeria’s integration into the global financial system as the ninth member of the multilateral development institution.

In a statement, Algeria’s Ministry of Finance said: “With its membership as a member of this important development institution, the financial arm of the BRICS group, Algeria is taking a major step in its process of integration into the global financial system and thus becomes the 9th member country of the NDB.”

JUST IN: 🇩🇿 Algeria officially authorized to join BRICS New Development Bank. pic.twitter.com/Yi6ywXwAB5

— BRICS News (@BRICSinfo) August 31, 2024

“The remarkable performances recorded in recent years, in terms of economic growth, supported by multi-sector reforms, have allowed Algeria to be considered, thanks also to its recent ranking as an upper-tier emerging economy, as a reliable and dynamic partner within this institution,” it added.

The NDB, founded in 2015 by the BRICS countries—Brazil, Russia, India, China, and South Africa—aims to mobilise resources for infrastructure and sustainable development projects in emerging economies.

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It complements the work of existing multilateral and regional financial institutions in promoting global economic growth. In 2021, the bank expanded its membership to include Bangladesh, Egypt, the UAE, and Uruguay.

-MEMO

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