2024-08-31 21:00:41
ALGIERS – Algeria formally approved joining the BRICS Bank during the annual meeting of the BRICS group’s Board of Governors in Cape Town, South Africa, on Saturday, the Algerian Ministry of Finance said in a press release.
“At the end of the 9th Annual Meeting of the Board of Governors of the New Development Bank (NDB-NDB) held on Saturday, August 31, 2024 in Cape Town (South Africa), Algeria’s accession to the institution was formally approved,” the statement said.
The decision was confirmed by NDB President Dilma Rousseff at a press conference held at the end of the Board’s work.
“With its membership in this important development institution of the financial sector of the BRICS group, Algeria takes an important step in its integration into the global financial system, becoming the ninth member of the New Development Bank”, stressed the Ministry of Finance.
The press release mentioned that this membership is the result of a “rigorous” assessment and was approved largely due to the robustness of the country’s macroeconomic indicators, which demonstrated the resilience of its economy.
“In recent years, Algeria has achieved impressive performance in economic growth, supported by multi-sector reforms, which have led to Algeria being seen as a reliable and dynamic partner in the region, also thanks to its recent classification as a high-end emerging economy by the agency”, assures the same source.
The ministry added that membership of the New Development Bank now provides Algeria with new prospects for supporting and strengthening its medium- and long-term economic growth.
The New Development Bank was established in 2015 by the BRICS group of countries (Brazil, Russia, India, China and South Africa) as a multilateral development bank whose main mission is to mobilize resources to finance sustainable development projects in emerging markets and developing countries.
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