Algeria joins BRICS-led New Development Bank

Membership expected to open new investment opportunities, enhance Algeria’s role in global development, and strengthen economic resilience and cooperation

ALGIERS, Algeria (MNTV) — Algeria has officially joined the New Development Bank (NDB), the multilateral financial institution established by the BRICS group of emerging economies, according to an announcement by NDB President Dilma Rousseff.

“On behalf of the New Development Bank, I truly congratulate Algeria on joining the bank,” Rousseff stated, as quoted by the NDB press service. 

“Algeria plays an important role not only in the economy of Northern Africa, but also on a global scale, and will definitely contribute to enhancing the NDB’s position in the global financial arena,” she added.

Rousseff noted that the bank is ready to work closely with Algeria on investment initiatives. “Together with Algeria, we will work to finance impactful projects that drive progress, improve lives, and contribute to development,” she said.

Algerian Finance Minister Abdelkarim Bouzerd welcomed the decision, describing the country’s accession to the BRICS bank as a strategic step toward deeper international cooperation. 

“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,” Bouzerd said.

The New Development Bank was founded by BRICS nations—Brazil, Russia, India, China, and South Africa—under an intergovernmental agreement signed during the sixth BRICS summit in Fortaleza in July 2014. 

The bank’s mission is to support infrastructure and sustainable development projects in member states and other emerging economies.