Algeria has officially been approved for membership in the BRICS New Development Bank (NDB), according to the country’s finance ministry. The decision was made on Saturday and announced by NDB chief Dilma Rousseff during a meeting in Cape Town, South Africa.
The Algerian finance ministry highlighted that joining the NDB, the financial arm of the BRICS group, marks a significant step for Algeria in its journey toward deeper integration into the global financial system. The BRICS group, consisting of Brazil, Russia, India, China, and South Africa, established the NDB to offer an alternative to international financial institutions like the World Bank and IMF.
Algeria’s membership was secured due to the strength of its macroeconomic indicators, which have shown remarkable performance in recent years, classifying the country as an “upper-tier emerging economy,” according to the finance ministry.
As Africa’s leading exporter of natural gas, Algeria expects that membership in the BRICS bank will open new avenues to support and strengthen its economic growth over the medium and long term. Established in 2015, the NDB’s primary mission is to mobilize resources for projects in emerging markets and developing countries.
