Algeria has recently gained membership in the BRICS New Development Bank (NDB), a move announced by the country’s finance ministry.
The approval was finalized on Saturday and disclosed by the bank’s head, Dilma Rousseff, during a meeting in Cape Town, South Africa.
This membership marks a crucial step for Algeria in its efforts to integrate more deeply into the global financial system, as emphasized by the finance ministry.
The BRICS New Development Bank, originally established by Brazil, Russia, India, China, and South Africa, was designed as an alternative to established global financial entities like the World Bank and IMF.
Algeria’s inclusion was achieved due to its robust macroeconomic performance, which has positioned it as an “upper-tier emerging economy,” according to the ministry.
By joining the NDB, Algeria, Africa’s leading exporter of natural gas, is expected to access new opportunities to further its economic growth in both the medium and long term.
Since its foundation in 2015, the NDB has focused on mobilizing resources for projects within emerging markets and developing countries.
The bank’s membership has previously expanded to include Bangladesh and the United Arab Emirates in 2021, as well as Egypt in 2023.