logo
BRICS bank gets new member

BRICS bank gets new member

Russia Today23-05-2025
Algeria has officially become a member of the New Development Bank (NDB), the financial institution established by the BRICS group of nations.
The announcement was made by the NDB's press service on Thursday, citing the bank's president, Dilma Rousseff, who welcomed the North African nation's accession as a significant milestone for both Algeria and the bank.
'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,' she noted.
Rousseff emphasized the institution's commitment to co-financing development projects aimed at improving living standards and promoting economic progress.
Algerian Finance Minister Abdelkrim Bouzred also welcomed the decision, saying: 'This membership is a testament to our belief in this institution's vital role in financing global development, and its status as a key player capable of providing alternative and innovative solutions to promote the growth and resilience of its member countries' economies.'
In 2023, Algeria became one of four countries to move up in the World Bank rankings from low-income to upper-middle-income status. According to President Abdelmadjid Tebboune, Algeria has nearly eliminated its external debt, does not need loans from external organizations, and is actively diversifying non-hydrocarbon production to achieve self-sufficiency in various sectors. Both the International Monetary Fund and the World Bank classify Algeria as the third-largest economy in Africa, after South Africa and Egypt.
Commenting on Algeria joining the NDB, Andrey Maslov, head of the Center for African Studies at Moscow's Higher School of Economics, told RT: 'For the BRICS, Algeria joining the bank is great news. The country has a good credit history, a trade surplus, and few debts. Algeria's ambitious export diversification program, as well as its infrastructure projects, require significant investments, and they can be good business for the bank.'
'However, the New Development Bank itself still has a long way to go before it becomes a viable alternative to Western-oriented financial institutions. For now, it is too dependent on the dollar and is acting cautiously to avoid secondary anti-Russian sanctions,' Maslov noted.
The NDB was founded by the BRICS group in 2015 to address the needs of developing countries which, according to its members, are not equally represented in the international financial architecture. The NDB welcomed Bangladesh and the United Arab Emirates (UAE) as members in 2021, while Egypt joined in 2023.
BRICS was established in 2009 by Brazil, Russia, India, and China, with South Africa joining two years later. In 2024, the bloc extended full membership to Iran, Egypt, Ethiopia, Indonesia, and the United Arab Emirates. Nigeria and Uganda became BRICS partner states in January 2025.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

EU blocks UK from joining pan-European trade network
EU blocks UK from joining pan-European trade network

Russia Today

timea day ago

  • Russia Today

EU blocks UK from joining pan-European trade network

The EU has refused to allow the UK join a streamlined network that offers lower tariffs to 20 countries that trade with the bloc, the Financial Times reported on Wednesday, citing officials. According to the article, the UK had sought to join the Pan-Euro-Mediterranean (PEM) convention, established in 2012 to align rules of origin across trade deals between the EU and countries in Europe, North Africa and the Middle East. The framework allows manufacturers to qualify for lower tariffs when using components sourced from multiple member countries. Since leaving the EU in 2020, Britain has ruled out rejoining the single market or customs union, but business groups have backed PEM membership as a practical step to help exporters cope with new trade barriers. The UK government included the plan in the trade strategy it published last week, saying it could reduce 'complex paperwork' and provide businesses with more flexibility. Trade experts say the move depends on EU approval, as the UK would need to amend its post-Brexit trade agreement with Brussels to adopt PEM rules – even though the convention itself is not exclusive to the EU. 'For it to be meaningful for the UK, the EU would need to agree to incorporate the PEM rules of origin into the EU-UK Trade and Cooperation Agreement. This gives the EU de facto blocking powers,' Sam Lowe, trade lead at the consultancy Flint Global, told the FT. EU officials told the outlet that Brussels had previously indicated it was open to the idea, but now sees the move as not in the bloc's interest. The European Commission reportedly fears that UK goods could unfairly qualify for low-tariff access. The rejection marks the first sign of tension since both sides declared a 'reset' in relations at a May summit, where they pledged closer energy ties and progress on a veterinary deal to ease agrifood checks. Separately, the EU is demanding full UK compliance with the Windsor Framework, agreed upon in February 2023, before signing off on a veterinary deal that would ease checks on goods crossing the Irish Sea. Northern Ireland, part of the UK, shares a land border with the Republic of Ireland, an EU member state, and continues to follow some EU rules to avoid a hard border. The final phase of the framework took effect on July 1. Retailers have called the new labelling and customs rules 'bureaucratic madness,' as hundreds of products now face extra checks when moving from Great Britain to Northern Ireland. The UK has said it remains committed to the framework and continues to engage with PEM members, including the EU.

African state condemns Israeli strikes on Iran
African state condemns Israeli strikes on Iran

Russia Today

time18-06-2025

  • Russia Today

African state condemns Israeli strikes on Iran

Algeria's Foreign Minister Ahmed Attaf held a phone conversation with his Iranian counterpart, Abbas Araghchi, on Monday. During the call, Attaf reaffirmed Algeria's firm condemnation of the Israeli attacks on Iran. Attaf called the Israeli strikes an 'aggression,' emphasizing the urgent need for the UN Security Council to intervene and uphold the principles of the UN Charter and international law. Algeria's Foreign Ministry earlier released a statement accusing Israel of pursuing 'a policy based on the illusion of ensuring its own security and stability at the expense of that of its neighbors,' starting with the Palestinians and extending to surrounding countries 'without exception.' During the Monday phone call, Araghchi briefed Attaf on the aftermath of the Israeli airstrikes, which he said posed an ongoing threat to the stability and security of the wider Middle East, according to the Algerian Foreign Ministry's statement. The conversation took place days after Israeli warplanes launched a series of coordinated attacks across Iran, targeting critical infrastructure – including a uranium enrichment site in Natanz, and assassinated several senior military commanders and nuclear scientists. Iran responded by firing dozens of ballistic missiles into Israel. The Israeli strikes have drawn sharp rebukes from several African governments. South Africa, which has brought genocide charges against Israel over its military campaign in Gaza, said the attacks on Iranian soil raised serious legal questions about sovereignty and territorial integrity. Egypt also criticized the operation, describing it as an 'extremely dangerous regional escalation' and 'a blatant' violation of international norms. Meanwhile, Sudan's transitional government has ordered the immediate evacuation of its nationals from Iran. According to the Sudan News Agency, Prime Minister Kamil Idriss issued the directive during a phone conversation with Sudan's ambassador in Tehran, Abdel Aziz Hassan Salih, on Saturday. Sudan earlier criticized Israel for its 'unjust aggression' against Iran, calling it a 'serious threat' to international peace and security.

Mass graves discovered in Libya
Mass graves discovered in Libya

Russia Today

time05-06-2025

  • Russia Today

Mass graves discovered in Libya

Dozens of bodies have been discovered in detention centers in Libya, the UN Human Rights Office (OHCHR) reported on Wednesday, calling for an independent investigation into the 'grim findings' and abuses at the facilities. The North African country has continued to experience violence since a NATO-backed uprising toppled longtime leader Muammar Gaddafi more than a decade ago. According to the OHCHR, the graves were found in the Libyan capital, Tripoli, at 'official and unofficial' sites operated by the Stabilization Support Apparatus (SSA), an armed group mandated to bolster government security. 'Our worst held fears are being confirmed: dozens of bodies have been discovered at these sites, along with the discovery of suspected instruments of torture and abuse, and potential evidence of extrajudicial killings,' UN High Commissioner for Human Rights Volker Turk said. The SSA, a powerful militia formally aligned to Libya's Government of National Unity (GNU), has long faced allegations of 'torture and enforced disappearances.' The findings followed deadly clashes in Tripoli triggered by the assassination of SSA leader Abdelghani al-Kikli – known locally as Ghaniwa – on May 12. He was reportedly shot dead in southern Tripoli, sparking violent confrontations between rival armed factions that left several civilians dead and damaged critical infrastructure, including hospitals. At least 77 bodies were discovered in Tripoli between May 18 and 21, including ten charred corpses found at the SSA headquarters in Abu Salim and 67 others stored in hospital refrigerators, the UN agency said in a press release. Another burial site was reportedly discovered at the SSA-run Tripoli Zoo. 'These sites must be sealed and all potential evidence preserved in support of immediate accountability efforts. Those responsible for these atrocious acts must be brought to justice without delay,' Turk stated. Libya remains deeply fractured, divided between the UN-recognized GNU based in Tripoli and the rival Government of National Stability in the eastern city of Benghazi. Sporadic violence, militia infighting, and stalled political processes have left the country in a prolonged state of instability. The discovery of mass graves in Libya is not uncommon. In February, the authorities reported recovering the bodies of at least 28 people – believed to be migrants – from a mass grave in Kufra, a city around 1,712 kilometers (1,064 miles) southeast of Tripoli. On Wednesday, the UN said two graves were uncovered that month in Jakharrah and Kufra, containing 10 and 93 bodies, respectively. The oil-rich country, a destination for migrants from neighboring African nations, has become a major transit hub for human trafficking and migration to Europe via the Mediterranean since the overthrow and assassination of Gaddafi in 2011.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store