Algeria Becomes New Member of BRICS’ New Development Bank

In a significant development for international finance and South-South cooperation, Algeria has formally joined the New Development Bank (NDB)—an institution established by the BRICS nations—on May 19, 2025. This move reinforces Algeria’s commitment to sustainable development and underlines NDB’s expanding global footprint beyond its founding members.

Why in News?

Algeria officially deposited its instrument of accession on May 19, completing its membership process to join the NDB. The announcement was made on May 22, 2025, by the Shanghai-headquartered bank. This marks an important milestone in NDB’s mission to broaden global participation in infrastructure and development financing.

Key Objectives of NDB

• Mobilize resources for infrastructure and sustainable development projects.
• Offer alternative financial solutions to existing Western-dominated institutions like the IMF and World Bank.
• Strengthen South-South cooperation and global partnerships.

About the NDB

• Established in 2015 by BRICS nations: Brazil, Russia, India, China, South Africa.
• Headquarters: Shanghai, China.
• Has approved over 120 projects worth $40 billion.
• Focus areas: Clean energy, water sanitation, transportation, digital infrastructure, and environmental protection.
• Leadership: Presidency and vice-presidency rotate among founding BRICS members.
• Current President: Dilma Rousseff (Brazil).

Algeria’s Significance

• Geographically located in North Africa with access to Europe and Sub-Saharan Africa.
• Rich in natural resources and energy reserves.
• Recognized for its strategic importance and growth potential.

Statements from Leaders

• Dilma Rousseff (President, NDB): Algeria brings strategic value and will enhance NDB’s role globally.
• Abdelkrim Bouzerd (Finance Minister, Algeria): Membership reflects Algeria’s belief in the NDB’s role in financing global development and promoting economic resilience.