"At the end of the 9th annual meeting of the Board of Governors of the New Development Bank (NDB), held on Saturday, August 31, 2024 in Cape Town (South Africa), Algeria's membership in this institution was officially approved," the press release said.
This decision was confirmed by NDB President Dilma Rousseff at a press conference held following the work of the Board of Governors.
"With its membership as a member of this important development institution, the financial arm of the BRICS group, Algeria is taking a major step in its process of integration into the global financial system and thus becomes the 9th member country of the NDB," underlines the Ministry of Finance.
This membership, the result of a "rigorous" evaluation, was ratified in large part thanks to the solidity of the country's macroeconomic indicators, testifying to the resilience of its economy, it is mentioned in the press release.
"The remarkable performances recorded in recent years, in terms of economic growth, supported by multi-sectoral reforms, have allowed Algeria to be considered, thanks also to its recent ranking as an upper-tier emerging economy, as a reliable and dynamic partner within this institution," assures the same source.
Joining the NDB now offers Algeria new prospects to support and strengthen its economic growth in the medium and long term, the ministry added.
Established in 2015 by the BRICS group (Brazil, Russia, India, China and South Africa), the NDB is a multilateral development bank whose main mission is to mobilize resources to finance sustainable development projects in emerging markets and developing countries.