Algeria Becomes Official Member of BRICS-Led New Development Bank (NDB).
International
On May 22, 2025, the Shanghai-based New Development Bank (NDB), founded by the BRICS nations — Brazil, Russia, India, China, and South Africa — formally welcomed Algeria as its newest member. The announcement was made by NDB President Dilma Rousseff.
- Algeria's membership was finalized following the official deposit of its instrument of accession, in line with the NDB’s Articles of Agreement.
- With Algeria's inclusion, the NDB now comprises not only its five founding BRICS members, but also Bangladesh, the United Arab Emirates (UAE), Egypt, and Indonesia.
- Additionally, Uruguay holds the status of a prospective member, signaling further expansion of the BRICS-led multilateral development bank.
Main Point :- (i) The New Development Bank (NDB), established by BRICS in 2015 with USD 100 billion capital, finances infrastructure and sustainable projects in emerging economies. K.V. Kamath was its first president, and its Indian Regional Office launched in Gujarat’s GIFT City in 2022.
(ii) The bank was founded with an authorized capital of USD 100 billion, divided into one million shares with a face value of USD 100,000 each. K.V. Kamath from India served as the NDB’s first President from 2015 to 2020, laying the foundation for the bank’s growth and expansion.
(iii) In 2022, the NDB expanded its presence by launching its Indian Regional Office (IRO) at the Gujarat International Finance Tec-City (GIFT City) in Gandhinagar, Gujarat, strengthening its operational capabilities and regional outreach within India.
About New Development Bank (NDB)
President : Dilma Rousseff
Headquarters : Shanghai, China
____________________________
