BRICS bank welcomes new member
(MENAFN) Algeria has officially joined the New Development Bank (NDB), a financial institution created by the BRICS group of nations, marking a significant expansion for the bank. The announcement was made Thursday by the NDB's press service, with its president, Dilma Rousseff, welcoming Algeria’s entry as a major advancement for both the country and the organization.
Rousseff highlighted Algeria’s economic importance in North Africa and globally, stating that its inclusion will strengthen the NDB’s presence in the international financial system. She reaffirmed the bank’s mission to support development projects that enhance living conditions and drive economic growth.
Algerian Finance Minister Abdelkrim Bouzred praised the development, calling the membership a reflection of Algeria’s confidence in the NDB’s role in supporting global development and offering innovative financial solutions to strengthen member economies.
Algeria was among the few countries upgraded by the World Bank in 2023 from low-income to upper-middle-income status. President Abdelmadjid Tebboune noted the country’s minimal foreign debt and progress in diversifying away from oil and gas dependency, aiming for self-reliance in multiple sectors. Both the IMF and World Bank rank Algeria as Africa’s third-largest economy after South Africa and Egypt.
Andrey Maslov, head of the Center for African Studies at Moscow’s Higher School of Economics, said Algeria’s entry is a boost for BRICS, given the country’s solid credit history, trade surplus, and low debt. He added that Algeria's ambitious development and infrastructure plans align well with the bank’s goals. However, Maslov cautioned that the NDB still relies heavily on the US dollar and must act carefully to avoid sanctions, limiting its ability to fully rival Western financial institutions for now.
The NDB was established in 2015 to better represent the needs of developing nations, who say they lack fair representation in current global financial structures. The bank previously admitted Bangladesh and the UAE in 2021, with Egypt joining in 2023.
BRICS, founded in 2009 by Brazil, Russia, India, and China, expanded in 2010 to include South Africa. In 2024, the group further extended full membership to Iran, Egypt, Ethiopia, Indonesia, and the UAE. Nigeria and Uganda became BRICS partner states in early 2025.
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