Algeria Joins BRICS New Development Bank

Algeria has officially become a member of the BRICS New Development Bank (NDB), according to an announcement from the country’s finance ministry. The decision was finalised during a meeting in Cape Town, South Africa, led by NDB chief Dilma Rousseff.

The BRICS New Development Bank, established by Brazil, Russia, India, China, and South Africa, provides an alternative to traditional international financial institutions like the World Bank and IMF. Algeria’s entry into the NDB marks a significant step in its integration into the global financial system.

Algeria’s membership was secured due to the country’s strong macroeconomic performance, which has positioned it as an upper-tier emerging economy. As Africa’s leading natural gas exporter, Algeria expects this membership to open new avenues for supporting and enhancing its economic growth in the medium and long term.

Founded in 2015, the NDB focuses on mobilising resources for projects in emerging markets and developing countries. The bank has expanded its membership in recent years, adding Bangladesh, the United Arab Emirates, and Egypt.