- Algeria became a new member of the BRICS New Development Bank (NDB).
- Algeria’s membership to the BRICS New Development Bank (NDB) has been approved.
- This was announced by the NDB chief Dilma Roussef at a meeting in Cape Town, South Africa.
- Algeria has taken an important step towards integrating into the global financial system.
- Algeria is a leading exporter of natural gas in the African continent.
BRICS New Development Bank
- It was formed in 2015 to mobilise resources for projects in emerging markets and developing countries.
- Brazil, Russia, India, China and South Africa are the founding members of the BRICS New Development Bank.
- Its main aim is to offer an alternative to international financial institutions like the World Bank and IMF.