The New Development Bank (NDB), founded by BRICS nations, has officially admitted Algeria as a new member, expanding its global membership.
The announcement was made on Thursday, following Algeria’s deposit of its instrument of accession on May 19, in line with the NDB’s Articles of Agreement.
NDB President Dilma Rousseff welcomed Algeria’s membership, emphasising its economic importance. “Algeria plays an important role not only in Northern Africa but also on a global scale. It will contribute significantly to enhancing NDB’s position in the financial arena,” she stated.
The Shanghai-headquartered NDB, established in 2015, aims to mobilise resources for infrastructure and sustainable development projects among its member countries. Since its inception, the bank has approved over 120 investment projects totalling $40 billion in key sectors such as clean energy, transport infrastructure, and digital development.
Algeria’s Finance Minister Abdelkrim Bouzerd hailed the move, calling it “a testament to our belief in NDB’s vital role in financing global development.” He stressed that Algeria’s membership would provide new opportunities for financing impactful projects aimed at economic resilience.
With its strategic geographic location and resource-rich economy, Algeria’s entry into the NDB is expected to strengthen financial partnerships and foster sustainable growth initiatives in the region.
