Algeria Joins BRICS-Led Bank

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September 4, 2024

Algeria’s membership in the BRICS New Development Bank (NDB) has been officially approved.

During a meeting on August 31 held by the NDB’s Board of Directors, Algeria was confirmed as the institution’s ninth member.

According to Algeria’s Ministry of Finance, membership in the Bank reflects the country’s stable macroeconomic indicators and resilience, bolstered by multi-sectoral reforms and its recent classification as an upper-middle-income emerging economy.

Established in 2015 by BRICS founding members – Brazil, Russia, India, China and South Africa – the NDB is a multilateral development bank focused on mobilizing resources for sustainable development projects in emerging markets and developing countries. Before Algeria, the Bank welcomed Uruguay, the United Arab Emirates and Egypt as new members.

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Anne Laure Klein

Anne-Laure Klein works as a field editor for Energy Capital & Power. She graduated in Political Science with a Master's degree in International Relations and geopolitics. Before joining ECP, she worked as a Senior Account manager for International Tech and Energy companies. She is from French, Syrian and Italian descent, and fluently speaks English, French, Spanish and Italian. On a personal level, she is a seasoned traveler and has visited more than 110 countries.