An aerial drone photo taken on June 17, 2022 shows the headquarters building of the New Development Bank in east China's Shanghai. (Xinhua/Fang Zhe)
SHANGHAI, May 22 (Xinhua) -- Algeria has officially become a new member country of the BRICS New Development Bank (NDB), the bank said in a statement on its website on Thursday.
"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," NDB President Dilma Rousseff said in the statement.
NDB's membership expansion is in line with the bank's strategy to become a leading provider of solutions for infrastructure and sustainable development for emerging market economies and developing countries, according to the statement.
The bank started expanding its membership in 2021. To date, Bangladesh, the United Arab Emirates, Egypt and Algeria have officially joined as new members.
Established in 2015 by Brazil, Russia, India, China and South Africa, NDB is a multilateral development bank aimed at mobilizing resources for infrastructure and sustainable development projects in BRICS and other emerging market economies and developing countries.
Headquartered in Shanghai, NDB approved over 120 investment projects totaling 40 billion U.S. dollars and spanning several key areas, including clean energy and energy efficiency, transport infrastructure, environmental protection, water supply and sanitation, social infrastructure and digital infrastructure.
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