Algeria Joins BRICS New Development Bank

Algeria has officially joined the BRICS New Development Bank (NDB), with the announcement made by bank president Dilma Rousseff during the annual meeting in Cape Town. This membership, which involves an initial contribution of $1.5 billion, marks Algeria's strategic move to enhance its global economic connections and access funding for infrastructure and sustainable development projects. The NDB, established by BRICS nations in 2015, has previously expanded its membership to include countries like Bangladesh and Egypt. While Algeria stands to benefit from increased trade and investment opportunities, it also faces risks associated with the economic challenges of the BRICS nations. The membership could strengthen Algeria's role in global financial systems, but it may complicate its relationships with Western countries. Overall, this development underscores Algeria's commitment to diversifying its economy beyond its heavy reliance on oil and gas.