Algeria has officially joined the BRICS New Development Bank (NDB), according to an announcement by the bank’s president, Dilma Rousseff.
Rousseff emphasized Algeria’s growing role not only in North Africa but also on the global economic stage. She noted that Algeria's membership will strengthen the NDB's presence in global finance. “On behalf of the New Development Bank, I sincerely congratulate Algeria on its accession,” Rousseff said.
She also stated that the bank looks forward to cooperating with Algeria on investment projects aimed at progress, better living standards, and development.
Algerian Finance Minister Abdelkrim Bouzred said that joining the NDB opens up promising opportunities for cooperation and mutual support. He emphasized the bank’s crucial role in financing global development and offering innovative, alternative solutions for economic growth.
The NDB was established by BRICS countries during their 2014 summit in Fortaleza, Brazil. It funds infrastructure and sustainable development projects in BRICS and other developing nations. The bank holds international credit ratings of AA+ from Fitch Ratings and S&P Global Ratings and has approved over 120 projects totaling $40 billion in sectors like energy, transportation, environment, and digitalization.
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Based on TASS materials