Algeria has been officially approved to join the BRICS New Development Bank (NDB), as revealed by the bank's president, Dilma Rousseff, at the ninth annual conference in Cape Town

Description

Algeria has been officially approved to join the BRICS New Development Bank (NDB), as revealed by the bank's president, Dilma Rousseff, at the ninth annual conference in Cape Town. The BRICS countries (Brazil, Russia, India, China, and South Africa) formed the NDB in 2015 to assist infrastructure and sustainable development projects in emerging and developing economies.

Expansion And Membership

Since its formation, the NDB has expanded to include members other than the original BRICS nations. Bangladesh, Egypt, the UAE, and Uruguay joined in 2021. Algeria's entrance, following a positive review of its macroeconomic data, represents a significant step toward integration into the global financial system.

Economic Impact

Algeria, Africa's top natural gas exporter, is likely to benefit from its participation. The NDB's goal is to mobilize resources for development initiatives, offering a viable alternative to existing international financial institutions such as the World Bank and the IMF.

BRICS Key Points

• Formation- BRICS is an abbreviation that stands for Brazil, Russia, India, China, and South Africa, which are all emerging economies.

• Founded- as "BRIC" in 2009, South Africa joined in 2010 to broaden the name to BRICS.

• Purpose- To improve collaboration and conversation among member countries on economic, political, and development issues.

• The New Development Bank (NDB)- was established in 2015 to promote infrastructure and sustainable development projects in the BRICS and other emerging economies.

• Economic Influence- Together, the BRICS countries account for a sizable percentage of global GDP and are prominent players in international commerce.

• Annual Summits- The organization hosts annual summits to discuss and coordinate policies on a variety of global challenges.

• Expansion- The NDB's membership now includes Bangladesh, Egypt, the United Arab Emirates, and Uruguay.

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