CAPE TOWN (Reuters) - Algeria has been authorised to become a member of the BRICS New Development Bank (NDB), the bank's president, Dilma Rousseff, said on Saturday.
A multilateral development bank, the NDB was established by the BRICS group of developing countries - Brazil, Russia, India, China, and South Africa - in 2015.
Bangladesh, Egypt, the United Arab Emirates, and Uruguay were admitted as new members of the bank in 2021 as part of an expansion drive.
"We have a process to authorize new members to the bank ... Algeria was authorised to become a member of the bank," Rousseff told journalists on the sidelines of the ninth annual meeting of the bank in Cape Town.