business-banner

September 1, 2024 | 1 year ago

Algeria's membership of the BRICS Bank approved

ALGIERS- Algeria's membership of the BRICS bank was officially approved at the annual meeting of the institution's Board of Governors, held on Saturday in Cape Town (South Africa), the Ministry of Finance announced in a press release.

Algeria Invest
Legal Notices | Terms of Services
news-detail

“At the end of the 9th annual meeting of the New Development Bank-NDB Board of Governors, held on Saturday, August 31, 2024, in Cape Town (South Africa), Algeria's membership of this institution was officially approved”, the press release states.

 

This decision was confirmed by NDB President Dilma Rousseff at a press conference following the Board of Governors' meeting.

“With its admission as a member of this important development institution, the financial arm of the BRICS group, Algeria has reached a major milestone in its process of integration into the global financial system, becoming the 9th member country of the NDB”, underlines the Ministry of Finance.

 

This membership, the result of a “rigorous” evaluation, was largely endorsed thanks to the strength of the country's macroeconomic indicators, testifying to the resilience of its economy, the press release states.

 

“The remarkable economic growth performance of recent years, underpinned by multi-sector reforms, has enabled Algeria to be considered a reliable and dynamic partner within this institution, thanks also to its recent classification as an upper-tier emerging economy”, assures the same source.

 

Membership of the NDB now offers Algeria new prospects for supporting and strengthening its economic development in the medium and long term, the ministry adds.

Created in 2015 by the BRICS group (Brazil, Russia, India, China, and South Africa), the NDB is a multilateral development bank, whose main mission is to mobilize resources to finance sustainable development projects in emerging markets and developing countries.

September 11, 2024 | algeria-logo