BRICS’ New Development Bank Authorizes Algeria’s Incorporation to the Economic Block
New Development Bank original members flags. Photo: X/ @LatestIn_World
August 31, 2024 Hour: 6:41 pm
The president of the BRICS New Development Bank (NDB), Dilma Rousseff, reported on Saturday that Algeria was authorized to become a member of this multilateral development bank.
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The NDB was established by the BRICS group of developing countries Brazil, Russia, India, China and South Africa – in 2015.
During statements to the press on the sidelines of the 9th annual meeting of the Bank, which is taking place in Cape Town, South Africa, Roussef said “We have a process to authorize new members to the bank … Algeria was authorised to become a member of the bank.”
The accession was confirmed by the Algerian Ministry of Finance. According to the media in that country, the transition was largely due to the strength of macroeconomic indicators and the strength of the economy of this North African nation.
The bank has become a key player in mobilizing resources to finance sustainable development projects in emerging markets and developing countries, as well as integration into a global financial system independent of hegemonic powers and the dollar.
Bangladesh, Egypt, the UAE and Uruguay were admitted as new members of the bank in 2021 as part of an expansion drive.
Autor: ACJ
Fuente: Reuters // teleSURtv.net
