Algeria joins the BRICS New Development Bank

President of the New Development Bank Dilma Rousseff speaks during a press conference in Cape Town on Aug. 31, 2024 at the Ninth Annual Meeting of the NDB, a multilateral development bank established by BRICS. (Reuters)
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Updated 01 September 2024
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Algeria joins the BRICS New Development Bank

  • Membership was secured thanks to ‘the strength of the country’s macroeconomic indicators,’ said finance ministry
  • It will offer Algeria ‘new prospects to support and strengthen its economic growth in the medium and long term’

ALGIERS: Algeria has been approved for membership in the BRICS New Development Bank, the country’s finance ministry has announced.

The decision was taken on Saturday and announced by NDB chief Dilma Roussef at a meeting in Cape Town, South Africa.

By joining “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 said in a statement

The bank of the BRICS group of nations — whose name derives from the initials of founding members Brazil, Russia, India, China and South Africa — is aimed at offering an alternative to international financial institutions like the World Bank and IMF.

Algeria’s membership was secured thanks to “the strength of the country’s macroeconomic indicators” which have recorded “remarkable performances in recent years” and allowed the North African country to be classified as an “upper-tier emerging economy,” the finance ministry said.

Membership in the BRICS bank will offer Algeria — Africa’s leading exporter of natural gas — “new prospects to support and strengthen its economic growth in the medium and long term,” it added.

Created in 2015, the NDB’s main mission is to mobilize resources for projects in emerging markets and developing countries.

It has welcomed several countries as new members, including Saudi Arabia, Egypt, the UAE, and Iran.


Saudi Arabia’s NDF unveils strategic partners for MOMENTUM 2025 conference 

Updated 07 December 2025
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Saudi Arabia’s NDF unveils strategic partners for MOMENTUM 2025 conference 

RIYADH: Saudi Arabia’s National Development Fund has unveiled the lineup of strategic partners for the Development Finance Conference MOMENTUM 2025, as the Kingdom accelerates efforts to build a more integrated development-finance ecosystem.  

The conference, scheduled for Dec. 9–11 at the King Abdulaziz International Conference Center in Riyadh, will bring together policymakers, lenders and global development institutions as the Kingdom seeks to expand financing channels for key sectors. 

Saudi National Bank and Arab National Bank are named Main Partners, while Riyad Bank will serve as Banking Partner, NDF said in a press release.  

Bank AlJazira and Saudi Awwal Bank join as Enabling Partners, and public-sector participants include Invest Saudi, the Made in Saudi Program, and the Saudi Conventions and Exhibitions General Authority. 

Riyadh Municipality also joins the list as the host city partner, while Saudi Post is the logistics partner for the conference. 

“Collectively, these partnerships advance the conference’s vision of fostering collaboration among public and private sectors, contributing to Saudi Vision 2030 objectives,” the release said. 

Organized by NDF, this year’s conference is convened under the theme “Leading Development Transformation.” 

MOMENTUM 2025 reflects the NDF’s central role as a principal enabler of development in the Kingdom and as a strategic driver of the national development finance system through its 12 affiliated development funds and banks.  

“Through this conference, NDF aims to align efforts, amplify impact, enhance coordination and integration, and build meaningful partnerships with leaders across the public and private sectors. Together, these efforts are intended to ensure sustainable growth and empower strategic sectors to deliver on national and global development goals,” the release added.  

The program will feature more than 100 speakers from over 120 local and international entities, further underscoring the conference’s role as a national forum supporting the leadership’s vision of building a dynamic financing ecosystem that empowers key sectors. 

Several princes, ministers, senior officials, CEOs, global leaders, development experts, and economists are scheduled to attend the conference. 

The event will spotlight the contribution of the private sector and small and medium-sized enterprises in elevating the Kingdom’s economic growth, generating jobs, and boosting competitiveness.