Algeria joins BRICS’s new development bank
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Algeria joins the BRICS-founded New Development Bank to boost its global influence.
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A general view of the flags of (from L to R) South Africa, Brazil, Russia, India, and China during the 2023 BRICS Summit at the Sandton Convention Centre in Johannesburg, South Africa on August 24, 2023. (AFP)
The New Development Bank (NDB) has officially admitted Algeria as a new member, the multilateral lender announced on Thursday, marking a significant expansion of the BRICS-founded institution.
In a statement issued on Thursday, the bank said, "The New Development Bank (NDB) has officially admitted Algeria as a new member country," reinforcing the bank's ongoing efforts to broaden its membership beyond its founding BRICS nations: Brazil, Russia, India, China, and South Africa.
NDB President Dilma Rousseff praised Algeria’s accession, describing it as a step that will enhance the bank’s standing on the global stage, adding that, "Algeria plays an important role not only in the economy of Northern Africa, but also at a global scale, and will definitely contribute to enhancing NDB’s position in the global financial arena."
She emphasized that Algeria’s economic significance would further empower the NDB’s mission and outreach.
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New Development Bank
Established in 2013 during the BRICS summit in Durban, the New Development Bank was formally launched with a funding agreement signed in 2014 in Fortaleza, Brazil. Its operational headquarters opened on July 7, 2015, in Moscow.
The bank’s core mandate is to finance infrastructure and sustainable development projects across BRICS nations and other developing economies, positioning itself as an alternative to Western-led financial institutions.
With Algeria’s membership, the NDB gains access to one of North Africa’s key economic players, further solidifying its role in fostering south-south cooperation and multi-regional development financing.
The BRICS bloc has officially scheduled its 17th annual summit for July 6–7, 2025, in Rio de Janeiro, Brazil, as announced by the group's press office.
This marks a significant event in the bloc's evolution, following its recent expansion and growing influence in global economic and political affairs.
"The date and location of the BRICS summit in 2025 have been confirmed. It will take place in Rio de Janeiro from July 6-7," the press office said.
