"The New Development Bank (NDB) has officially admitted Algeria as a new member country," the NDB said in a statement.
Algeria’s economic significance will enhance the NDB’s influence in the international financial system, NDB President Dilma Rousseff said.
"Algeria plays an important role not only in the economy of Northern Africa, but also at a global scale, and will definitely contribute to enhancing NDB’s position in the global financial arena," Rousseff said.
The NDB, established by BRICS nations, was politically agreed upon at the Durban summit in South Africa in 2013. The bank’s funding agreement was signed in 2014 in Fortaleza, Brazil, and operations began on July 7, 2015, in Moscow. Its core mission is to fund infrastructure and sustainable development projects in BRICS countries and developing nations.