BRICS New Development Bank Welcomes Algeria as Member

Algeria has been granted membership in the BRICS New Development Bank (NDB), according to the bank’s president, Dilma Rousseff. Established in 2015 by Brazil, Russia, India, China, and South Africa, the NDB is a multilateral development bank that aims to support infrastructure and sustainable development projects in emerging economies, serving as an alternative to traditional financial institutions like the IMF and the World Bank. Algeria’s addition comes amid the bank’s efforts to expand and follows the addition of Bangladesh, Egypt, the UAE, and Uruguay in 2021. Its inclusion reflects the BRICS nations’ growing engagement in Africa. This is evident in its recent loan of $283.53 million to South Africa’s state-owned Transnet, as well as its earlier loan of $1 billion loan for water and sanitation projects in lower-income South African households.

SOURCE: BUSINESS INSIDER