JOHANNESBURG (CHATNEWSTV) — Algeria has officially joined the New Development Bank, becoming the latest country to align with the BRICS-founded institution aimed at financing infrastructure and sustainable development in emerging economies.
The North African nation deposited its instrument of accession on May 19, completing the formal process for entry, the bank said in a statement Thursday.
“On behalf of the New Development Bank, I truly congratulate Algeria for joining,” said Dilma Rousseff, president of the Shanghai-based institution and former president of Brazil. “Algeria plays an important role not only in the economy of Northern Africa, but also at a global scale.”
Rousseff highlighted the country’s “immense potential” and affirmed the bank’s commitment to becoming a “reliable and trustworthy partner” in supporting Algeria’s development goals.
Algeria’s finance minister, Abdelkrim Bouzred, called the membership “a testament to our belief in this institution’s vital role in financing global development.”
“I remain convinced that my country’s membership of the NDB will create promising opportunities for collaboration and mutual support,” he added.
The move is part of the NDB’s broader strategy to expand its membership and influence among emerging market and developing countries. Algeria joins a growing list of non-BRICS members that now includes Bangladesh, Egypt, and the United Arab Emirates.
Founded in 2015 by Brazil, Russia, India, China, and South Africa, the NDB has approved over $40 billion in projects across sectors such as clean energy, digital infrastructure, transport, and environmental protection.
