BRICS New Development Bank president, Dilma Rousseff, has announced that Algeria has been authorised to become a member of the bank.
Algerian President Abdelmadjid Tebboune had in a visit to China this month, announced that his government had officially applied to join the BRICS Bank, requesting to be a shareholder member with an amount of $1.5 billion.
Algeria’s enthusiasm is primarily about its economic relationship with China, which Algiers regards as a critical alternative to Western nations as a source of foreign investment.
Set up by the BRICS bloc in 2015, the New Development Bank (NDB) needs to increase its local currency fundraising and lending, especially as founding shareholder Russia is under international sanctions following its invasion of Ukraine.
