Algerian Finance Minister Laaziz Faïd announced today, Saturday, that "the procedures for Algeria's accession to the BRICS joint development bank are in their final stages." According to the website Algérie Aujourd'hui, Faïd stated that "the process of Algeria joining the new BRICS development bank is nearly complete and will be finalized in the coming days."
Faïd previously discussed with the president of the New Development Bank, Dilma Rousseff, the progress of Algeria's membership process, aiming to finance infrastructure and sustainable development projects. Rousseff clarified that this process is ongoing according to the agreed timeline, and the legal and institutional procedures for this membership are nearing completion.
The Algerian Ministry of Finance noted in a statement that "the two parties discussed future cooperation possibilities with Algeria in financing strategic and structural developmental projects for the Algerian economy." The BRICS Development Bank was established by member countries based on an international governmental agreement signed at the sixth BRICS Summit held in Fortaleza in July 2014, aimed at creating new infrastructure, improving the quality of life in contributing countries, and enhancing economic cooperation among them.
The BRICS group comprises Brazil, Russia, India, China, and South Africa; however, 23 countries have expressed interest in joining this economic group, including Argentina, Iran, Algeria, Tunisia, Turkey, Saudi Arabia, and Egypt.
