BRICS New Development Bank authorizes Algeria to join

Reuters
·1-min read
Ninth Annual Meeting of the New Development Bank (NDB) in Cape Town

CAPE TOWN (Reuters) - Algeria has been authorised to become a member of the BRICS New Development Bank (NDB), the bank's president, Dilma Rousseff, said on Saturday.

A multilateral development bank, the NDB was established by the BRICS group of developing countries - Brazil, Russia, India, China and South Africa - in 2015.

Bangladesh, Egypt, the United Arab Emirates and Uruguay were admitted as new members of the bank in 2021 as part of an expansion drive.

"We have a process to authorize new members to the bank ... Algeria was authorised to become a member of the bank," Rousseff told journalists on the sidelines of the ninth annual meeting of the bank in Cape Town.

(Reporting by Wendell Roelf; Editing by Angus MacSwan and Frances Kerry)

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