BRICS Development Bank President Dilma Rousseff said on Saturday that Algeria has been mandated to join the bank.
“We have a license for new members in the bank, as Algeria has been authorized to become a member,” Rousseff said in a press statement, according to Reuters.
The BRICS group established the multilateral development bank in 2015. BRICS consists of Brazil, Russia, India, China and South Africa.
The bank has approved the inclusion of Bangladesh, Egypt, the UAE and Uruguay in 2021 as part of an expansion drive.
Last April, Algerian Finance Minister Laaziz Fayed met with Rousseff, on the sidelines of his participation in the “Spring 2024 Meetings” of the World Bank Group and the International Monetary Fund, which were held in the US capital, Washington.
The bank’s president at the time confirmed that the legal and institutional procedures for Algeria’s accession to the bank were in their final stages.
In July 2023, Algerian President Abdelmadjid Tebboune revealed that an official request had been submitted to join the bank, stressing Algeria’s readiness for its first contribution to this bank to reach $1.5 billion.
