New Development Bank President Dilma Rousseff happily announced today that Algeria is now officially a member of the NDB, all the necessary formalities having been met. Rousseff congratulated Algeria for joining the Bank, and spoke to the benefits which Algeria’s membership will bring to the NDB, and vice versa.
“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,” Rousseff said. “Rich in natural resources, with a dynamic economy and strategic geographic position, Algeria has immense potential for growth and development. NDB is fully committed to becoming a reliable and trustworthy partner for Algeria, supporting its sustainable development agenda.”
She added that “the New Development Bank is a financial institution mobilizing resources for infrastructure and sustainable development projects. It is a platform for collaboration and knowledge-sharing among its member countries. Together with Algeria, we will work to finance impactful projects that drive progress, improve lives, and contribute to development.”
For his part, Algerian Finance Minister Abdelkrim Bouzred called his nation’s membership in the bank “a testament to our belief in this institution’s vital role in financing global development, and its status as a key player capable of providing alternative and innovative solutions to promote the growth and resilience of its member countries’ economies. I remain convinced that my country’s membership of the NDB will create promising opportunities for collaboration and mutual support.”
Algeria brings the bank’s membership to nine: the five nations which founded the BRICS, and then the NDB, in 2015 (Brazil, Russia, India, China, and South Africa); and, Bangladesh, United Arab Emirates, Egypt, and now Algeria. As seen in the memberships of Bangladesh and Algeria, non-BRICS member countries are welcome to join the BRICS’ NDB. Likewise, non-BRICS members Uruguay and Colombia have applied to join the bank. “NDB’s membership expansion is in line with the Bank’s strategy to become a leading provider of solutions for infrastructure and sustainable development for emerging market economies and developing countries,” the press release announcing Algeria’s membership explains.
