Recent data from the local Ministry of Finance highlights Algeria’s accession to the New Development Bank (NBD) of the BRICS, an entity that seeks to distribute resources to finance plans in emerging markets and developing countries.

Algeria is now part of the entity that unites the “group of large emerging countries, including China and Brazil.”

According to the NDB Board of Governors, chaired by Dilma Rousseff, Algeria’s accession was tested during its ninth annual meeting in Cape Town, South Africa.

With its accession to “this important development institution, the financial branch of the BRICS group, Algeria takes an important step in its integration process into the global financial system,” according to the Algerian ministry.

By joining this group, it is expected that the country, Africa’s leading exporter of natural gas, will benefit from new perspectives for “its economic development in the medium and long term.”

It is important to note that the BRICS group had already accepted Bangladesh, the United Arab Emirates, Egypt and Uruguay as new members. Algeria had asked to join, but in 2023 was rejected. Later, Egypt, Ethiopia, Saudi Arabia, Iran and the United Arab Emirates were admitted, as well as Argentina, although the South American nation withdrew with the arrival of Javier Milei to the presidency.

M.Pino

Source: bancaynegocios

(Reference image source: Globovision, X, file)

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