BRICS New Development Bank welcomes Algeria as new member

On August 31, Dilma Rousseff, the president of the BRICS New Development Bank (NDB), announced that Algeria has been approved for membership.

The NDB, a multilateral development institution founded by the BRICS nations—Brazil, Russia, India, China, and South Africa—in 2015, had previously welcomed Bangladesh, Egypt, the United Arab Emirates, and Uruguay as new members in 2021 during its expansion efforts, Caliber.Az reports, citing foreign media.

Rousseff shared the news with reporters during the bank's ninth annual meeting in Cape Town, noting that Algeria has now been officially authorized to join the bank.

Established in 2015 by BRICS countries, the New Development Bank is a multilateral development bank aimed at mobilising resources for infrastructure and sustainable development projects in BRICS and other emerging markets and developing economies (EMDCs).