Algeria receives official approval to join BRICS Development Bank

(MENAFN) Algeria has received official approval to join the BRICS Development Bank, according to an announcement made by President Dilma Rousseff on Saturday. This development marks a significant step for Algeria as it becomes part of a key international financial institution. The BRICS Development Bank, which was established in 2015, serves as a multilateral financial entity created by the BRICS nations, comprising Brazil, Russia, India, China, and South Africa. The bank aims to support economic development and infrastructure projects within its member states and beyond, positioning itself as a significant player in global finance.

The inclusion of Algeria into the BRICS Development Bank underscores the institution's ongoing efforts to broaden its membership and increase its global influence. This move follows a similar expansion initiative in 2021 when the bank extended membership to Bangladesh, Egypt, the United Arab Emirates, and Uruguay. By welcoming these new members, the BRICS Development Bank has strengthened its capacity to finance development projects across a wider geographic area, promoting economic cooperation among emerging and developing economies.

During the bank's ninth annual meeting held in Cape Town, Rousseff highlighted the ongoing process of admitting new members to the institution, emphasizing that Algeria has now been granted the necessary authorization to become a part of the BRICS Development Bank. This decision reflects the bank's strategic approach to diversifying its membership base and increasing its relevance in global economic affairs. The addition of Algeria is expected to enhance the bank's ability to support projects that align with the development priorities of its member states.

Rousseff's remarks on the sidelines of the annual meeting underscore the bank's commitment to expanding its reach and influence by including more countries that share its vision for sustainable development and economic cooperation. Algeria's membership in the BRICS Development Bank is poised to strengthen its ties with the BRICS nations and other member countries, offering new opportunities for collaboration in various sectors, particularly in infrastructure and development finance. This expansion aligns with the broader goals of the BRICS group to create a more inclusive and balanced global economic order.

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