Algiers: Algeria has officially become a new member of the BRICS New Development Bank (NDB), the bank announced in a statement on its website on Thursday. The inclusion of Algeria marks a significant step as the bank continues to expand its global reach and influence.
According to Namibia Press Agency, NDB President Dilma Rousseff emphasized Algeria’s pivotal role in both the Northern African economy and the global market. She highlighted that Algeria’s membership will enhance the bank’s position in the international financial sector.
The expansion of NDB’s membership aligns with its strategy to be a leading provider of solutions for infrastructure and sustainable development in emerging market economies and developing countries. The bank initiated its membership expansion in 2021, and to date, Bangladesh, the United Arab Emirates, Egypt, and Algeria have officially joined.
NDB, established in 2015 by Brazil, Russia, India, China, and South Africa, is a multilateral development bank focused on mobilizing resources for infrastructure and sustainable development projects in BRICS and other emerging market economies. Headquartered in Shanghai, the bank has approved over 120 investment projects, amounting to 40 billion U.S. dollars, covering sectors like clean energy, transport infrastructure, environmental protection, water supply, social infrastructure, and digital infrastructure.