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03.09.24 18:31

Economy

New member joining BRICS New Development Bank is announced

The new BRICS development bank has decided to grant membership to Algeria

President of the BRICS New Development Bank (NDB) Dilma Rousseff has announced that Algeria has been granted permission to become a member of the financial organisation. The announcement was made in Cape Town on the margins of the bank's ninth annual meeting. This is reported by teleSUR, a partner of TV BRICS.

According to a statement from the Algerian finance ministry, Algeria is taking a major step in integrating into the global financial system by joining this significant development institution.

"We have a procedure for authorising new members of the bank ... Algeria has been authorised to become a member of the bank," Rousseff said.

The NDB, created in 2015 by the BRICS group of developing countries (Brazil, Russia, India, China and South Africa), continues to expand its influence. Bangladesh, Egypt, UAE and Uruguay joined the bank in 2021.

Photo: teleSUR

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Prabowo Subianto

President of Indonesia

"This roadmap sets the framework for our joint efforts. Indonesia and Belarus have great potential for expanding cooperation in various fields. Our cooperation will focus on industrial development and agricultural modernisation. In industry, we see a major opportunity to increase trade volumes, investment, and cooperation between our two countries. We are also pushing for closer collaboration in culture and human resource development"

Liao Fan

Director of the Institute of World Economics and Politics at the Chinese Academy of Social Sciences (CASS)

"We also encourage countries of the Global South to work together and contribute to the global economy. We also call on developed countries to set aside issues such as national security and strategic competition when we are discussing real global challenges – pressing issues such as public health or poverty reduction – so that development resources can be channelled truly effectively to those countries that need them. [...] Major powers and large countries must bear greater responsibility for the well-being of people around the world. This is the responsibility of the major powers"

Anutin Charnvirakul

Prime Minister of Thailand

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Ferdinand Marcos

President of the Republic of the Philippines

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Anwar Ibrahim

Prime Minister of Malaysia

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