Algeria officially joins BRICS-backed New Development Bank

Algeria has officially become a member of the BRICS-affiliated New Development Bank (NDB), according to reports from Chinese media.

"Algeria plays an important role not only in the economy of Northern Africa, but also at a global scale, and will definitely contribute to enhancing NDB's position in the global financial arena," NDB President and former President of Brazil, Dilma Rousseff said in a statement.

Rousseff pointed to Algeria’s abundant natural resources—particularly its oil and gas reserves—and its geographical location bridging North Africa and Europe as key factors for its economic potential and development prospects.

Algerian Finance Minister Abdelkarim Bouzerd expressed optimism, stating that the NDB will offer valuable opportunities for cooperation and mutual support among member nations.

Founded in 2015 by Brazil, Russia, India, China, and South Africa, the NDB was created as an alternative to Western-dominated financial institutions like the World Bank. The bank began admitting new members in 2021, with Bangladesh, the UAE, Egypt, and now Algeria among the latest to join.

Headquartered in Shanghai, the NDB has reportedly approved more than 120 projects worth a total of $40 billion. Its investment priorities include clean energy, transportation, environmental protection, water and sanitation, social infrastructure, and digital development.

Despite joining the NDB, Algeria’s bid to become a full BRICS member was rejected during the 2023 summit in South Africa, leading the country to drop its pursuit of BRICS membership for the time being.