By Enyichukwu Enemanna
Algeria has been authorised to become a member of the BRICS New Development Bank (NDB), the bank’s president, Dilma Rousseff, said on Saturday.
A multilateral development bank, the NDB was established in 2015 by the BRICS group of developing countries – Brazil, Russia, India, China and South Africa.
Bangladesh, Egypt, the United Arab Emirates and Uruguay were admitted as new members of the NDB in 2021 as part of an expansion drive.
“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.
The purpose of the bank is to mobilise resources for infrastructure and sustainable development projects in BRICS countries and other emerging economies and developing nations.
It assists in complementing the existing efforts of multilateral and regional financial institutions for global growth and development.
