Algeria has officially become a new member country of the New Development Bank (NDB), as Algeria’s Ambassador to Brazil, Abdelaziz Benali Chérif handed over to Ambassador Mauricio Cavalho Lyrio, Secretary of Economic and Financial Affairs at the Ministry of Foreign Affairs of Brazil and Brazil´s Representative to the BRICS, the instrument of Algeria’s accession to the New Development Bank (NDB) of the BRICS, On May 19, 2025,
“On behalf of New Development Bank, I truly congratulate Algeria for joining the Bank. Algeria plays an important role not only in the economy of Northern Africa, but also at a global scale, and will definitely contribute to enhancing NDB’s position in the global financial arena,” said Dilma Rousseff, NDB President.
“Rich in natural resources, with a dynamic economy and strategic geographic position, Algeria has immense potential for growth and development. NDB is fully committed to becoming a reliable and trustworthy partner for Algeria, supporting its sustainable development agenda,” said Dilma Rousseff.
“The New Development Bank is a financial institution mobilizing resources for infrastructure and sustainable development projects. It is a platform for collaboration and knowledge sharing among its member countries. Together with Algeria, we will work to finance impactful projects that drive progress, improve lives, and contribute to development,” added Dilma Rousseff.
“We are delighted to announce the formalization of Algeria’s membership of the New Development Bank and thus becoming a full member of this prestigious international financial institution,” said Abdelkrim Bouzred, the Algerian Minister of Finance, adding that “this membership is a testament to our belief in this institution’s vital role in financing global development, and its status as a key player capable of providing alternative and innovative solutions to promote the growth and resilience of its member countries’ economies.”
“I remain convinced that my country’s membership of the NDB will create promising opportunities for collaboration and mutual support,” said Abdelkrim Bouzred.
The New Development Bank is a multilateral development bank aimed at mobilizing resources for infrastructure and sustainable development projects in BRICS and other emerging markets and developing countries (EMDCs).
Since its establishment in 2015, NDB approved over 120 investment projects totalling USD 40 billion and spanning several key areas, including clean energy and energy efficiency, transport infrastructure, environmental protection, water supply and sanitation, social infrastructure and digital infrastructure.
