Algeria Officially Joins BRICS New Development Bank As Member State

On May 22 local time, the New Development Bank (NDB) of the BRICS nations announced via its official website that Algeria has formally become a new member of the multilateral institution.

NDB President Dilma Rousseff stated that Algeria plays a significant role not only in the North African economy but also on the global stage, and its membership will undoubtedly contribute to enhancing the NDB's position in the global financial sector.

Algerian Minister of Finance Abdelkrim Bouzid emphasized that joining the NDB reflects Algeria's confidence in the bank's pivotal role in global development financing and its capacity to act as a key player in providing innovative and alternative solutions to boost economic growth and resilience among member states. He further noted that Algeria's accession will create substantial opportunities for strengthened cooperation and mutual support among members.

The NDB initiated its membership expansion in 2021. To date, Bangladesh, Egypt, the United Arab Emirates, and Algeria have joined as full-fledged members.

Established in 2015 by Brazil, Russia, India, China, and South Africa, the NDB aims to mobilize resources for infrastructure and sustainable development projects in BRICS countries and other emerging economies and developing nations.