BRICS New Development Bank grants Algeria membership

Algeria has received approval to join the BRICS New Development Bank (NDB), according to the bank’s president, Dilma Rousseff, on Saturday, Reuters reported.

Established in 2015 by the BRICS nations—Brazil, Russia, India, China, and South Africa—the NDB is a multilateral development bank.

As part of its expansion efforts, the bank welcomed Bangladesh, Egypt, the United Arab Emirates, and Uruguay as new members in 2021.

“We have a process to authorize new members to the bank … Algeria was authorised to become a member of the bank,” Rousseff told journalists on the sidelines of the ninth annual meeting of the bank in Cape Town.

Lately, the BRICS countries have been getting more involved in Africa. The New Development Bank (NDB) was set up to help fund infrastructure and sustainable development projects, not just in BRICS countries but in other growing economies too. It’s seen as an alternative to big players like the IMF and the World Bank.

Last week, South Africa’s state-owned logistics company, Transnet, locked in a 5 billion rand ($283.53 million) loan from the New Development Bank.

The bank also recently greenlit a new loan of up to $1 billion to support water and sanitation projects for lower-income households in South Africa.