Algeria becomes member of BRICS-backed New Development Bank
(MENAFN) On Saturday, Dilma Rousseff, President of the New Development bank (NDB) established by the BRICS group, announced that Algeria has been granted a mandate to join the bank. This development follows the bank's formation in 2015 by Brazil, Russia, India, China, and South Africa. The NDB has already expanded to include Bangladesh, Egypt, the UAE, and Uruguay in 2021.
During the ninth annual meeting of the NDB's Board of Governors held in Cape Town, Rousseff confirmed Algeria's accession to the bank. The Algerian Ministry of Treasury officially confirmed the country's new membership, highlighting it as a significant step towards integrating into the global financial system. The Ministry of Finance praised the move as a testament to Algeria's robust macroeconomic indicators and recent economic reforms, which have bolstered the country's growth and made it a valuable partner for the NDB. Algeria becomes the ninth nation to join the bank, reflecting its growing role in international financial institutions.
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