Algeria has officially been granted membership in the BRICS New Development Bank (NDB), a significant milestone announced by the bank’s president, Dilma Rousseff. This approval marks Algeria’s entry into an institution that was established in 2015 by the BRICS nations—Brazil, Russia, India, China, and South Africa—to fund infrastructure and sustainable development projects.
The NDB, designed as a multilateral development bank, was initially created to provide financial support to BRICS countries. However, its mandate has expanded, and in 2021, the bank opened its doors to new members, including Bangladesh, Egypt, the United Arab Emirates, and Uruguay. With Algeria’s inclusion, the NDB continues to solidify its role as a global financial institution offering an alternative to traditional entities like the International Monetary Fund (IMF) and the World Bank.
The announcement was made during the ninth annual meeting of the bank in Cape Town. Rousseff shared the news with journalists, emphasizing that Algeria had been “authorized to become a member of the bank.” This move comes at a time when BRICS nations are increasingly engaging with Africa, highlighting the continent’s growing importance on the global stage.
The New Development Bank’s commitment to supporting projects in developing economies is evident in its recent activities. For instance, South Africa’s state-owned logistics company, Transnet, secured a 5 billion rand (approximately R5.4 billion) loan from the NDB last week. Additionally, the bank has approved a new loan of up to $1 billion (R18.95 billion) to fund water and sanitation projects for lower-income households in South Africa.
Algeria’s membership in the NDB is expected to strengthen its financial capabilities and enhance its role in regional development. As the bank continues to expand its reach, it remains a key player in the global financial landscape, offering developing nations access to crucial funding for their growth and development initiatives.
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