The Board of Governors of the National Development Bank (BND), chaired by former Brazilian President Dilma Rousseff, approved Algeria’s accession to the bank on Saturday during the ninth annual meeting of this body in Cape Town, South Africa.
Created in 2015 by the BRICS group -Brazil, Russia, India, China and South Africa-, the NDB is a multilateral development bank conceived as an alternative to the IMF and the World Bank. By joining “this important development institution, the financial arm of the BRICS group, Algeria takes an important step in its process of integration into the global financial system“the Algerian ministry said.
This decision will offer the country, Africa’s leading exporter of natural gas, “new perspectives to support and strengthen their economic development in the medium and long term”according to the same source.
The BND’s main mission is to mobilize resources to finance projects in emerging markets and developing countries. The organization has already included Bangladesh, the United Arab Emirates, Egypt and Uruguay as new members.
Algeria had asked to join the BRICSbut his request was rejected in the summer of 2023.
The club did accept at that time the entry of Egypt, Ethiopia, Saudi Arabia, Iran and the United Arab Emirates, as well as Argentina, who later retired with the arrival of Javier Milei to the presidency.
Why Argentina is not part of the BRICS
By the end of December 2023, the President Javier Milei officially communicated in a letter sent to Brazil, Russia, India, China and South Africa Argentina renounces the multilateral bloc BRICSThe country’s incorporation had been decided during Alberto Fernández’s mandate, which was supported by Xi Jinping.
This decision implies a geopolitical distancing, especially with China and Russia. However, Milei has expressed its rejection of closeness with these countries, indicating that it will not promote agreements with communist regimes.
According to reports, the letters state that “It is not considered appropriate at this stage to participate as a member from January 1, 2024, since many axes of the current foreign policy differ from the previous” management.
Last August, Argentina, Egypt, Ethiopia, Saudi Arabia, Iran and the United Arab Emirates (UAE) were accepted to join the group as of January 1, 2024. The forum of the BRICS currently represents 36% of global GDP and 46% of the world’s population.
Source: Ambito
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