Algeria’s finance ministry has announced that the country has received approval to join the BRICS New Development Bank (NDB). NDB chief Dilma Rousseff made the decision and disclosed it during a Saturday meeting in Cape Town, South Africa.
According to a statement from the Algerian finance ministry, Algeria is taking a major step in integrating into the global financial system by joining this significant development institution.
The bank, which represents the BRICS group of nations—Brazil, Russia, India, China, and South Africa—aims to provide an alternative to international financial institutions such as the World Bank and IMF.
Algeria’s membership was secured due to the strength of the country’s macroeconomic indicators, which have shown remarkable performances in recent years. According to the finance ministry, these indicators categorize the North African country as an upper-tier emerging economy.
The finance ministry added that membership in the BRICS bank will provide Algeria, Africa’s primary exporter of natural gas, with new opportunities to support and enhance its economic growth in the medium and long term.
Established in 2015, the NDB primarily focuses on mobilizing resources for projects in emerging markets and developing countries.
Several countries, including Egypt, the United Arab Emirates, Iran, and Saudi Arabia, have been welcomed as new members.