Algeria has officially become a member of the BRICS New Development Bank (NDB), according to the bank’s president, Dilma Rousseff.
According to the Algeria Press Service, the approval came during the NDB’s 9th annual Board of Governors meeting, held Saturday in Cape Town, South Africa.
Established in 2015 by the BRICS group of emerging economies (Brazil, Russia, India, China, and South Africa), the NDB is a multilateral development bank aimed at supporting sustainable development projects in developing countries.
Algeria’s admission to the bank follows the expansion of membership in 2021, which also included Bangladesh, Egypt, the United Arab Emirates, and Uruguay.
“We have a process to authorise new members to the bank … Algeria was authorised to become a member of the bank,” Rousseff told journalists on the sidelines of the annual meetings.
