Faith Nyasuguta
Algeria has officially joined the BRICS New Development Bank (NDB), reinforcing a growing global movement away from Western-dominated financial systems and toward a multipolar economic order. The announcement was made by NDB President Dilma Rousseff, who described Algeria as a vital addition to the bank’s strategic expansion.
“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,” Rousseff stated. The move highlights the bank’s ongoing efforts to offer an alternative to institutions like the IMF and World Bank, particularly for countries in the Global South seeking more autonomy over their economic policies and financing options.
Created in 2015 by Brazil, Russia, India, China, and South Africa, the NDB aims to mobilize resources for infrastructure and sustainable development projects in emerging economies. Algeria now becomes the latest full member, joining other recent additions like Bangladesh, Egypt, the United Arab Emirates, and Uruguay. The bank’s broader vision includes creating a more balanced global financial system where economic power is less centralized in the hands of a few dominant nations.
Algeria’s entry was approved during the NDB’s ninth annual meeting in Cape Town, South Africa, in August 2024. The Algerian Ministry of Finance described the development as a “strategic achievement” that opens new opportunities to finance development programs without the political strings often attached to Western funding.
The inclusion of Algeria, one of Africa’s largest natural gas producers and a key regional player, is seen as a major boost to the NDB’s presence in North Africa and the Mediterranean. With its significant energy reserves and growing regional influence, Algeria is well-positioned to benefit from and contribute to the bank’s long-term goals.
This move also aligns with Algeria’s broader foreign policy agenda. The North African country has been actively seeking to diversify its economic partnerships and reduce its dependence on traditional Western financial channels. Joining the NDB offers Algeria access to concessional loans, knowledge-sharing platforms, and project funding tailored to its development needs.
Analysts view Algeria’s accession as part of the wider global trend toward de-dollarization, a process where countries are gradually shifting away from using the U.S. dollar as the dominant currency in trade and finance. With increasing sanctions, geopolitical tensions, and rising debt burdens, many developing nations see alliances like BRICS and institutions like the NDB as critical to asserting economic sovereignty.
In Latin America, countries like Argentina and Colombia have also expressed interest in joining the NDB, signaling a growing desire among emerging markets to explore alternative financial ecosystems.
As global economic power continues to shift, the expansion of the BRICS New Development Bank ,now with Algeria on board, marks a significant milestone. It reflects not just a financial strategy but a political statement: the call for a fairer, more inclusive global economic order is growing louder, and BRICS is positioning itself as a major vehicle for that change.
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