Algeria Joins BRICS-Backed New Development Bank
The New Development Bank (NDB), founded by BRICS nations, has announced the admission of Algeria as its newest member, reinforcing the bank’s outreach among emerging economies. The Shanghai-based institution confirmed the move in a statement issued on Thursday.
Algeria formally became a member after submitting its instrument of accession on May 19, as outlined under the bank’s founding agreement. The inclusion is part of the NDB’s ongoing efforts to broaden participation beyond its original members — Brazil, Russia, India, China, and South Africa.
Welcoming the development, NDB President Dilma Rousseff noted Algeria’s strategic economic significance both in North Africa and globally, adding that its entry would help strengthen the bank’s international presence and impact.
The NDB was set up in 2015 with a mandate to fund infrastructure and sustainable development projects in BRICS countries and other developing nations. Algeria’s accession is seen as a step towards diversifying the bank’s membership and enhancing its role in shaping alternative financial pathways in the Global South.
