Algeria has officially joined the BRICS new development bank. The addition on Sunday makes the country the ninth country to join the global economic institution.
Algeria’s ministry of finance has announced the country’s formal entry into the BRICS New Development Bank ( NDB), following the bank’s ninth annual meeting in Cape Town. The announcement on Sunday makes the nation the ninth country to join the New Development Bank, as the nation strives to strengthen its position within the international economic landscape.
Algeria’s membership in the New Development Bank is expected to provide significant support for the country’s economic growth in the medium and long term, the ministry added.
It should be recalled that in a July 2023 interview with China Central Television, the Algerian President Abdelmadjid Tebboune had formally announced Algeria’s application to join the New Development Bank, pledging a $1.5 billion initial contribution.
As countries move towards multipolarity, cooperation becomes of the essence. BRICS New Development Bank, created in 2015, with Russia, Brazil, India, China and South Africa as founding members is gradually gaining relevance in this changing global world.
In 2021, Bangladesh, Egypt, the UAE and Uruguay joined the bank. Overall, the bank’s activities in the global economy are aimed at increasing the use of local currencies, financing infrastructure and sustainable development projects in the BRICS states and developing countries, according to its president, Dilma Rousseff. It has as a capital of $100billion
