Algeria: 9th member of the New Development Bank Promoted by BRICS
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The African country of Algeria has officially become a member of the New Development Bank promoted by the BRICS countries. According to the New Development Bank, Algeria deposited the instrument of accession for the membership of the Bank on 19 May 2025, and hence it became the 9th member of the Bank.
Earlier in March 2025, Indonesian President Prabowo Subianto announced that his country would join the New Development Bank, but it has yet to ratify and deposit the instrument of accession with the New Development Bank.
New Development Bank
The New Development Bank was established as a BRICS Bank in 2015 by the BRICS member countries -Brazil, Russia, India, China, and South Africa.
The Bank was set up as a multilateral development Bank on the model of the World Bank.
Function
- To provide loans to BRICS and emerging market economies and developing countries for infrastructure and sustainable development projects.
- It provides both sovereign and non-sovereign loans.
- Sovereign loans are loans given to a country's government. Non-sovereign loans are loans given to non-government entities, such as the private sector.
Authorised Capital and Voting Rights
Authorised capital of Bank: USD 100 billion
Voting Rights
Brazil, Russia, India, South Africa and China hold 18.98 % each.
Egypt - 2.27%
Bangladesh - 1.79%
UAE- 1.06
Members and Headquarters
Members of the United Nations can become members of the New Development Bank.
Total - Nine
Founding members -Brazil, Russia, India, China, South Africa,
Bangladesh (16 September 2021), the United Arab Emirates (4 October 2021), Egypt (20 February 2023) and Algeria (19 May 2025).
Headquarters and Regional offices
- Headquarters: Shanghai, China
Regional Offices of the Bank :
- Indian Regional Office- Gujarat International Finance Tec-City (GIFT City) in 2022.
- Africa Regional Centre- Johannesburg, South Africa, in 2017.
- Americas Regional Office- São Paulo, Brazil, in 2019
- Eurasian Regional Centre-Moscow, Russia, in 2020.
President: Dilma Roussef of Brazil
About BRICS
BRICS is an intergovernmental organisation that came into existence on 16 June 2009.
With the Joining of South Africa in 2001, the name was changed to BRICS (Brazil, Russia, India, China and South Africa).
Members- Eleven - Brazil, Russia, India, China, South Africa, Saudi Arabia, Egypt, United Arab Emirates, Ethiopia, Indonesia, and Iran
Current Chairman - Brazil.
