New Development Bank (NDB) President Dilma Rousseff announced on August 31 that Algeria has been authorized to become a member of the New Development Bank that was founded at the BRICS summit in Brazil in 2014 (when she was President of that country), during the NDB’s annual meeting over Aug. 29-31 in Cape Town, South Africa.
Algeria’s Finance Ministry issued a statement that, in joining the NDB, “this important development institution, the financial arm of the BRICS group, Algeria is taking a major step in its process of integration into the global financial system.” Algeria becomes the NDB’s ninth member, joining Brazil, Russia, India, China, South Africa, Bangladesh, Egypt, the United Arab Emirates, and Uruguay.
Algeria is the world’s fifth largest natural gas producer (producing 6.49 trillion cubic feet per year), and 16 largest oil producer. Most importantly, it is taking steps to promote the development of the northern tier of Africa. On Aug. 11, Algeria and Tunisia reopened the 357 km rail link that connects the two countries. The link had been closed for 30 years.
