Algeria officially joins BRICS New Development Bank

 

BRICS

In a July 2023 interview with China Central Television, Algerian President Abdelmadjid Tebboune formally announced Algeria's application to join the New Development Bank, pledging a $1.5 billion initial contribution.

Algeria's formal entry into the BRICS New Development Bank was announced by the country's finance ministry following the bank's ninth annual meeting in Cape Town.

As the ninth country to join the New Development Bank, Algeria strengthens its position within the international economic landscape, according to the ministry.

Algeria's membership in the New Development Bank is expected to provide significant support for the country's economic growth in the medium and long term, the ministry added.

BRICS New Development Bank was created in 2015, with Russia, Brazil, India, China and South Africa becoming its first members.

In 2021, Bangladesh, Egypt, the UAE and Uruguay joined the bank.

The bank's activities are aimed at financing infrastructure and sustainable development projects in the BRICS states and developing countries.

by SPUTNIK