Algiers – Algeria, an Arab country in Africa, has joined the New Development Bank (NDB), commonly known as the BRICS Bank, named after the group of emerging countries with which the bank is affiliated. Algeria’s Ministry of Finance made the announcement on Saturday (31).
The NDB Board of Governors, chaired by former Brazilian President Dilma Rousseff, approved Algeria’s accession to the bank on Saturday during the 9th annual board meeting in Cape Town, South Africa. The country joins the group alongside its founders Brazil, China, Russia, India, and new members
By joining “this important development institution, the financial arm of the BRICS group, Algeria takes a significant step in its process of integration into the global financial system,” said the Algerian ministry. The decision will provide the country, Africa’s top natural gas exporter, with “new opportunities to promote and strengthen its economic development in the medium and long term,” according to the ministry.
What does the BRICS Bank do?
The NDB was conceived by the BRICS in 2015 as an alternative development bank to the International Monetary Fund (IMF) and the World Bank. NDB’s main mission is to mobilize resources to finance projects in emerging markets and developing countries.
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Three Arab countries to join BRICS
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Translated by Guilherme Miranda
