BRICS bank NDB admits Algeria as new member
Beijing, May 22 (PTI) The New Development Bank (NDB), established by BRICS nations, has admitted Algeria as a new member, further expanding its global membership base, it said on Thursday.
Algeria has deposited its instrument of accession, in line with the provisions of the Articles of Agreement of the NDB on May 19, the Shanghai-headquartered bank said in a press release.
Welcoming Algeria, NDB President Dilma Rousseff said, '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.'
Rich in natural resources, with a dynamic economy and strategic geographic position, Algeria has immense potential for growth and development. NDB is fully committed to becoming a reliable and trustworthy partner for Algeria, supporting its sustainable development agenda, she said.
'The New Development Bank is a financial institution mobilising resources for infrastructure and sustainable development projects. It is a platform for collaboration and knowledge sharing among its member countries. Together with Algeria, we will work to finance impactful projects that drive progress, improve lives, and contribute to development,' Rousseff, who is from Brazil, said.
Both the presidency and vice-presidency of the NDB are rotated among BRICS founding members: Brazil, Russia, India, China and South Africa. NDB was established in 2015 for financing development projects in the group's member countries.
Since its establishment, NDB has approved over 120 investment projects totalling USD 40 billion and spanning several key areas, including clean energy and energy efficiency, transport infrastructure, environmental protection, water supply and sanitation, social and digital infrastructure, according to the press release.
'We are delighted to announce the formalisation of Algeria's membership of the New Development Bank and thus becoming a full member of this prestigious international financial institution,' Algeria's finance minister Abdelkrim Bouzerd said.
'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,' Bouzerd said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Print
2 hours ago
- The Print
‘Bangla Pokkho' rally to protest govt order notifying Hindi, Urdu as language in WBCS exam
Kolkata, Jun 29 (PTI) Members of a pro-Bengali advocacy group 'Bangla Pokkho' took out a rally in the city on Sunday in protest against the order of the state government notifying Hindi and Urdu as a recognised language in the West Bengal Civil Services Examination (WBCS). The organisation's general secretary Garga Chattopadhyay said, 'We demand Bengali be made the mandatory language in writing WBCS exams on the lines of the yardstick followed in other states.
The Print
2 hours ago
- The Print
Jaishankar begins 4-day visit to US on Monday
The Quad foreign ministers' meeting on July 1 will build on the discussions held at an earlier meeting in Washington on January 21, it said. Jaishankar will visit the United States from June 30 to July 2 at the invitation of US Secretary of State Marco Rubio, the Ministry of External Affairs (MEA) said on Sunday. New Delhi, Jun 29 (PTI) External Affairs Minister S Jaishankar will embark on a four-day visit to the US on Monday to participate in a meeting of the foreign ministers of the Quad grouping that will focus on new proposals to advance a common vision for a free and open Indo-Pacific. 'They will exchange views on regional and global developments, particularly those concerning the Indo-Pacific, and review the progress made on various Quad initiatives in the run-up to the Quad leaders' summit, which will be hosted by India,' the MEA said in a statement. It said the ministers are also expected to deliberate on new proposals aimed at advancing a shared vision of a free and open Indo-Pacific. The Quad, comprising India, the US, Australia and Japan, has emerged as a key grouping largely focussing on peace, security and stability in the Indo-Pacific region. Jaishankar will also inaugurate an exhibition, titled 'The Human Cost of Terrorism', at the United Nations headquarters in New York on June 30. The exhibition will highlight the devastating toll of heinous terrorist acts around the world and the steps taken by the international community to combat terrorism, the MEA said. The exhibition is seen as an effort to draw global support for India's campaign against cross-border terrorism from Pakistan. PTI MPB RC This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
The Print
2 hours ago
- The Print
Railway Minister reviews reservation system, emphasises reforms for passenger convenience
'It will benefit passengers travelling from remote locations or suburbs of major cities for catching long distance trains. It will also provide more time to make alternative arrangements in case the wait list is not confirmed,' the ministry said in a press note. Under Vaishnaw's guidance, officials are working to prepare the reservation chart eight hours before the train's departure instead of the current system of four hours. New Delhi, Jun 29 (PTI) Railway Minister Ashwini Vaishnaw recently reviewed the progress of ongoing reforms in the passengers reservation system and emphasized the need for smart, transparent, accessible and efficient ticketing system with a focus on passenger convenience, the ministry on Sunday said. 'The new upgraded Passenger Reservation System will allow over 1.5 lakh ticket bookings per minute. This will be an increase of roughly five times from 32,000 tickets per minute in the current PRS,' it added. The ministry stated the new Passenger Reservation System (PRS) also has a multilingual and user-friendly booking and enquiry interface. In the new PRS, users will be able to submit their choice of seat and see the fare calendar. It also has integrated facilities for Divyangjan, students and patients etc., officials said. 'Streamlined authentication for Tatkal bookings Indian Railways will allow only authenticated users to book Tatkal tickets on IRCTC website and mobile app beginning 1st July, 2025,' the ministry added. It emphasised that OTP-based authentication will be done for Tatkal bookings from the end of July. The minister instructed officials to broadbase the authentication mechanism for Tatkal bookings. 'The authentication should be done using Aadhaar or any other verifiable Government ID available in the user's DigiLocker account,' the press note said. According to the ministry, these measures reflect the Indian Railways' continuous efforts to modernise its systems and make them more citizen friendly. PTI JP AS AS This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
