Good and great news for Algeria: it officially joins the BRICS Bank

A few cables away from a decisive presidential election on September 7, the announcement of Algeria’s membership in the BRICS group bank (Brazil, Russia, India, China and South Africa) not only bodes well for the future, but also constitutes a nice revenge after the bitter disappointment of having remained, in August 2023, at the gates of the very selective and coveted “club of five”.

” At the end of the 9th annual meeting of the Board of Governors of the New Development Bank (NDB), held on Saturday, August 31, 2024 in Cape Town (South Africa), Algeria’s membership in this institution was officially approved “, states the official press release.

This decision, the result of an evaluation carried out with the greatest rigor, was confirmed by the President of Brazil and of the NDB, Dilma Rousseff, during a press conference organized at the end of the work of the Board of Governors.

” With its membership in 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 and thus becomes the 9th member country of the NDB. “, the Algerian Ministry of Finance immediately welcomed.

This accession was ratified largely thanks to the strength of the country’s macroeconomic indicators, demonstrating the resilience of its economy, the press release announcing the happy news further states, before concluding on a very positive note: ” The remarkable performances recorded in recent years in terms of economic growth, supported by multi-sectoral reforms, have allowed Algeria to be considered, thanks also to its recent ranking as an upper-tier emerging economy, as a reliable and dynamic partner within this institution. “.