Algeria has been granted membership in the BRICS New Development Bank (NDB), according to a statement from the country's finance ministry. The approval was confirmed on Saturday by NDB president Dilma Roussef during a gathering in Cape Town, South Africa. By becoming a member of this significant development institution, which serves as the financial branch of the BRICS alliance, Algeria is advancing its integration into the worldwide financial framework, the ministry noted.
The NDB, established by the BRICS nations—Brazil, Russia, India, China, and South Africa—seeks to provide an alternative to global financial bodies such as the World Bank and the IMF. Algeria's accession was achieved due to its robust macroeconomic indicators, which have shown exceptional results lately, positioning the nation as a high-tier emerging economy, according to the ministry. Membership in the BRICS bank will present new opportunities for Algeria, the continent's top natural gas exporter, to bolster and extend its economic expansion over the medium and long term.
Founded in 2015, the primary objective of the NDB is to gather resources for projects in emerging and developing nations. It has recently accepted several new members, including Egypt, the United Arab Emirates, Iran, and Saudi Arabia.
