RT reported that NDB President Dilma Rousseff, former President of Brazil, announced that the BRICS bank has just admitted Algeria, a new member from North Africa, marking a strategic turning point in the organization's efforts to expand its global influence.
Algeria not only plays an important role in the North African economy but also on a global scale. The country's participation will contribute to elevating the NDB's position on the international financial map, Rousseff emphasized.
According to the head of the NDB, the organization continues to commit to co-sponsoring development projects, improving people's lives and promoting sustainable growth in member countries.
Algeria is considered a "rookie" with strong domestic strength. Algeria Finance Ministerdelkrim Bouzred affirmed that joining the NDB reflects the country's belief in the bank's increasingly essential role in providing alternative, innovative financial solutions to serve growth and increase economic resilience.
Algeria stands out among developing countries thanks to its ability to effectively control public debt and its strong policy. In 2023, the country has risen to the group of countries with high average incomes according to the World Bank's rankings.
President Abdelmadjid Tebboune has said Algeria will almost eliminate foreign debt, no need to borrow from international financial institutions, and promote a strategy to reduce dependence on oil and gas to develop domestic production.
Algeria is not the only name to feature. The NDB previously admitted Bangladesh and the UAE in 2021, followed by Egypt in 2023.
The NDB was established in 2015 to serve developing countries that are considered to not be fairly represented in the Western-dominated global financial system.
Algeria's joining is considered by experts to be "extreme good news" for BRICS. Mr. Andrey Maslov, Director of the Center for African Studies at Moscow++ Economics University, commented: Algeria has a good credit history, trade surplus and low debt levels. Their ambitious infrastructure projects and export diversification programs require large investment sources - a very potential opportunity for NDB.
However, Mr. Maslov also noted that the NDB has not yet completely become a real counterpart to Western financial institutions. The bank remains heavily dependent on the US dollar and must act cautiously amid the risk of secondary sanctions against Russia.
BRICS - originally consisting of Brazil, Russia, India, China - has expanded significantly since 2009. South Africa joined in 2011, and by 2024, the bloc will welcome Iran, Egypt, Ethiopia, Indonesia and the UAE as official members. Nigeria and Uganda were recognized as partners from January 2025.
With the presence of Algeria, the NDB is now not only a bank of BRICS countries, but is gradually becoming a global financial institution.
