BRICS New Development Bank authorizes Algeria to join

Ninth Annual Meeting of the New Development Bank (NDB) in Cape Town

President of the New Development Bank (NDB) Dilma Rousseff attends the Ninth Annual Meeting of the NDB, a multilateral development bank established by Brazil, Russia, India, China and South Africa (BRICS) in Cape Town, South Africa, August 30, 2024. REUTERS/Esa Alexander/File Photo

Source: REUTERS

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 by the BRICS group of developing countries - Brazil, Russia, India, China and South Africa - in 2015.

Bangladesh, Egypt, the United Arab Emirates and Uruguay were admitted as new members of the bank in 2021 as part of an expansion drive.

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"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.

This article was produced by Reuters news agency. It has not been edited by Global South World.

By Reuters