Algeria Officially Becomes Member of BRICS New Development Bank

Algeria has officially joined the New Development Bank (NDB) of the BRICS and become a full member, Bank Chair Dilma Rousseff announced.

Rousseff noted, according to the bank's press office, that Algeria has become an important player not only in the North African economy, but also globally.

She added, "Algeria will contribute to strengthening the NDB's position on the global financial scene," and said, "On behalf of the bank, I sincerely congratulate Algeria on its accession," according to the Russian news agency TASS.

According to Rousseff, the financial institution is ready to cooperate with Algeria in the field of investment, concluding, "We will work with Algeria to finance effective projects that contribute to progress, improving lives, and development."

The NDB was established by the BRICS countries based on an intergovernmental agreement signed at the group's sixth summit in Fortaleza in July 2014.

The bank aims to finance infrastructure and sustainable development projects in BRICS countries and developing countries.