The country\u2019s finance ministry has announced that Algeria has been approved for membership in the BRICS New Development Bank (NDB).<\/p>\n
The decision was taken on Saturday and announced by NDB chief Dilma Roussef at a Cape Town, South Africa meeting.<\/p>\n
By joining \u201cthis 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,\u201d the Algerian finance ministry said in a statement<\/p>\n
The bank of the BRICS group of nations \u2014 whose name derives from the initials of founding members Brazil, Russia, India, China and South Africa \u2014 is aimed at offering an alternative to international financial institutions like the World Bank and IMF.<\/p>\n
Algeria\u2019s membership was secured thanks to \u201cthe strength of the country\u2019s macroeconomic indicators\u201d which have recorded \u201cremarkable performances in recent years\u201d and allowed the North African country to be classified as an \u201cupper-tier emerging economy\u201d, the finance ministry said.<\/p>\n
Membership in the BRICS bank will offer Algeria \u2014 Africa\u2019s leading exporter of natural gas \u2014 \u201cnew prospects to support and strengthen its economic growth in the medium and long term\u201d, it added.<\/p>\n
Created in 2015, the NDB\u2019s main mission is to mobilise resources for projects in emerging markets and developing countries.<\/p>\n
It has welcomed several country as new members, including Egypt, the United Arab Emirates, Iran and Saudi Arabia.<\/p>\n
The post Algeria joins the BRICS New Development Bank<\/a> first appeared on KBC<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" The country\u2019s finance ministry has announced that Algeria has been approved for membership in the BRICS New Development Bank (NDB). The decision was taken on Saturday and announced by NDB chief Dilma Roussef at a Cape Town, South Africa meeting. By joining \u201cthis important development institution, the financial arm of the BRICS group, Algeria is […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-85815","post","type-post","status-publish","format-standard","hentry","category-uncategorized","entry"],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"","jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/posts\/85815","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/comments?post=85815"}],"version-history":[{"count":0,"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/posts\/85815\/revisions"}],"wp:attachment":[{"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/media?parent=85815"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/categories?post=85815"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/tags?post=85815"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}