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Algeria joined the New Development Bank (NBD) of the BRICS, the group of large emerging countries that includes China y Brazilaccording to a statement from the Ministry of Finance published over the weekend.
He Board of Governors of the NDBchaired by former Brazilian President Dilma Rousseff, approved Algeria’s accession to the bank on Saturday during the ninth annual meeting of this body in Cape Town, South Africa.
Created in 2015 by the BRICS group – Brazil, Russia, India, China and South Africa – the NDB is a multilateral development bank conceived as an alternative to the IMF and the World Bank.
By joining “this important development institution, the financial arm of the BRICS group, Algeria is taking an important step in its process of integration into the world financial system,” the Algerian ministry said. This decision will offer the country, Africa’s leading exporter of natural gas, “new perspectives to support and strengthen its economic development in the medium and long term,” according to the same source.
The main mission of the NBD is to mobilize resources to finance projects in emerging markets and developing countries.
The entity has already included as new members Bangladesh, United Arab Emirates, Egypt and Uruguay.
Algeria had asked to join the BRICS, but his request was rejected in the summer of 2023.
The club did accept at that time the entry of Egypt, Ethiopia, Saudi Arabia, Iran and the United Arab Emirates, as well as Argentina, which later withdrew with the arrival of the presidency of Javier Miley.
Originally identified to highlight investment opportunities, the BRICS have evolved into a real geopolitical bloc, with their governments meeting annually at summits.
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2024-09-05 00:35:32