Algeria Becomes Member of BRICS New Development Bank

Algeria has officially joined the BRICS New Development Bank (NDB), marking a significant step in its integration into the global financial system, according to the country's finance ministry. The announcement was made by NDB chief Dilma Rousseff during a meeting in Cape Town, South Africa, on Saturday.

By joining this influential development institution, which serves as the financial arm of the BRICS group, Algeria aims to strengthen its position in the international financial landscape. The BRICS bank was founded by Brazil, Russia, India, China, and South Africa as an alternative to traditional financial institutions such as the World Bank and IMF.

Algeria's entry into the NDB was facilitated by the country’s strong macroeconomic indicators, which have shown "remarkable performances" in recent years. This has led to Algeria being classified as an "upper-tier emerging economy," the finance ministry stated.

As Africa's leading exporter of natural gas, Algeria is optimistic that its membership in the NDB will provide new opportunities to support and accelerate its economic growth over the medium and long term.

Established in 2015, the NDB’s primary mission is to mobilize resources for infrastructure and sustainable development projects in emerging markets and developing countries. In addition to Algeria, the bank has recently welcomed new members, including Egypt, the United Arab Emirates, Iran, and Saudi Arabia.