Algeria joins BRICS Bank as newest member

Beijing

The New Development Bank (NDB), set up by the BRICS nations, has officially admitted Algeria as a new member, expanding its global reach. The Shanghai-based bank announced on Thursday that Algeria deposited its instrument of accession on May 19, following the bank's rules.

Welcoming Algeria, NDB President Dilma Rousseff said the North African nation plays a key role in regional and global economies. With rich natural resources and a strategic location, Algeria is expected to bring strength and new opportunities to the bank.

Rousseff noted that the NDB is committed to supporting Algeria’s development goals. She highlighted the bank’s mission of funding infrastructure and sustainable development projects and said Algeria will help boost the bank’s impact worldwide.

The NDB was launched in 2015 by BRICS countries—Brazil, Russia, India, China, and South Africa—to finance development projects in member nations. Its leadership roles rotate among founding countries. Since its start, the bank has approved over 120 projects worth $40 billion, covering energy, transport, water supply, sanitation, and digital infrastructure.

Algeria’s Finance Minister Abdelkrim Bouzerd welcomed the membership and said it reflects Algeria’s belief in the bank’s role in global development. He added that the NDB offers innovative financial solutions and helps its members build stronger economies.

Algeria’s membership strengthens the NDB’s position as a major international financial body. With this step, Algeria joins other nations in accessing support for sustainable growth and infrastructure development through this BRICS-led institution.