Algeria officially approved for membership in the BRICS Bank
Algeria’s accession to the BRICS bank was officially approved during the annual meeting of the bank’s Board of Governors, held on Saturday in Cape Town, South Africa, according to the Algerian Ministry of Finance.
The Ministry’s statement noted: “At the conclusion of the ninth annual meeting of the New Development Bank’s Board of Governors on Saturday, August 31, 2024, in Cape Town, Algeria’s membership was formally approved.”
New Development Bank President Dilma Rousseff confirmed this decision in a press conference following the board meeting.
The Ministry of Finance emphasised that by joining this key financial institution, which functions as the financial arm of the BRICS group, Algeria has made a significant stride toward integrating into the global financial system, becoming the ninth member of the New Development Bank.
The statement also mentioned that this membership approval follows a “thorough” evaluation based on Algeria’s strong macroeconomic indicators, reflecting the strength of its economy.
Algeria’s economic performance, supported by sectoral reforms and its recent classification as a high-tier emerging economy, has established it as a reliable partner for the institution.
The Ministry highlighted that Algeria’s new membership in the New Development Bank will open up new opportunities for supporting and boosting its economic growth in the medium and long term.
The New Development Bank was established in 2015 by the BRICS group (Brazil, Russia, India, China, and South Africa). It is a multilateral development bank aimed at mobilising resources for sustainable development projects in emerging markets and developing countries.
