Algeria has been officially accepted as a member of the BRICS New Development Bank (NDB), as announced by the bank’s president, Dilma Rousseff, on Saturday. The NDB, a multilateral development bank, was established in 2015 by the BRICS group of developing nations – Brazil, Russia, India, China, and South Africa.
The bank expanded its membership in 2021, welcoming Bangladesh, Egypt, the United Arab Emirates, and Uruguay. Now, Algeria joins this growing group of nations within the NDB. Rousseff confirmed Algeria’s membership during a press conference held on the sidelines of the ninth annual meeting of the bank in Cape Town.
The primary objective of the NDB is to mobilize resources for projects focused on infrastructure development and sustainable growth within BRICS countries and other emerging economies and developing nations. This effort complements the existing activities of various multilateral and regional financial institutions, contributing to global growth and development.
