Dedollarization intensifies in BRICS with Algeria's membership in the "New Development Bank"

The New Development Bank (NDB) of BRICS announced the expansion of the financial institution with the addition of Algeria, marking a significant step in the group's efforts to foster a multipolar financial world.

Dilma Rousseff, the bank's president, had previously outlined plans to transform the BRICS Development Bank into "a major financial institution" for developing countries and emerging markets.

Praising Algeria's accession, she emphasized that the country would contribute to strengthening the NDB's global influence.

The BRICS New Development Bank was established in 2014 through the collaboration of Brazil, Russia, India, China, and South Africa. The bank aims to mobilize resources for infrastructure projects and sustainable development in BRICS member states by providing loans, guarantees, and other financial instruments.