Algeria announced that the Board of Governors of the New Development Bank of the BRICS group approved, in a meeting on Saturday, Algeria’s accession to this financial institution.
This came after an assessment of the distinguished economic performance achieved by Algeria in recent years, in terms of economic growth, supported by multi-sectoral reforms, as well as its recent classification as an emerging economy in the upper segment.”
The Algerian Ministry of Finance explained in a statement that “Algeria’s accession to this important development institution, which is considered the financial arm of the BRICS group, is a major step towards integration into the global financial system, making Algeria the ninth country to join the New Development Bank, alongside major countries such as Russia and China.”
The announcement came in a statement by the bank’s board chair, Dilma Rousseff, the former president of Brazil, one of the leading countries in the economic group, during a meeting on Saturday in Cape Town, South Africa.
The ministry considered that “the accession of Algeria, the largest gas exporter in Africa, to the bank, which was established in 2015 by the founding countries of the BRICS group (Brazil, Russia, India and China) opens new horizons to support and enhance the country’s economic growth in the medium and long term.”
Algeria had requested to join the group, but its request was rejected at the last summit in the summer of 2023, which came as a shock to President Abdelmadjid Tebboune, who had relied heavily on his allies in China, Russia and South Africa.
In return, the group accepted the accession of Egypt, Ethiopia, Saudi Arabia, Iran, and the Emirates, in addition to Argentina, which withdrew after the election of the liberal president, Javier Milei.
Last updated: September 1, 2024 – 13:29
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2024-09-02 16:09:05