Algeria has been approved to turn out to be a member within the BRICS New Development Bank (NDB), the nation’s Finance Ministry has introduced.
The resolution was taken on Saturday and introduced by NDB Chief Dilma Roussef at a gathering in Cape Town, South Africa.
By becoming a member of “this important development institution, the financial arm of the BRICS group, Algeria is taking a major step in its process of integration into the global financial system,” the Algerian Finance Ministry mentioned in a press release.
The financial institution of the BRICS group of countries – whose identify derives from the initials of founding members Brazil, Russia, India, China and South Africa – is aimed toward providing an alternative choice to worldwide monetary establishments just like the World Bank and International Monetary Fund (IMF).
Algeria’s membership was secured because of “the strength of the country’s macroeconomic indicators,” which have recorded “remarkable performances in recent years” and allowed the North African nation to be categorised as an “upper-tier emerging economy,” the Finance Ministry mentioned.
Membership within the BRICS financial institution will provide Algeria – Africa’s main exporter of pure fuel – “new prospects to support and strengthen its economic growth in the medium and long term,” it added.
Created in 2015, the NDB’s major mission is to mobilize sources for initiatives in rising markets and growing nations.
It has welcomed a number of nations as new members, together with Egypt, the United Arab Emirates (UAE), Iran and Saudi Arabia.
Source: www.dailysabah.com