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ER Editor: See this Al Mayadeen report from May 2023 and President Abdelmadjid Tebboune’s comments about the globalist financial system —
Joining BRICS will help Algeria’s development: President
Algerian President Abdelmadjid Tebboune stated that Algeria’s entry into the BRICS will aid the country’s progress more than international financial institutions have helped in recorded history.
Algeria presented its formal application to join the BRICS earlier in November 2022. In December, the Algerian president expressed optimism that his country may join the alliance in 2023.
During a press conference Tebboune said, “The BRICS organization will help us [in development] more than other international financial organizations have helped us to date.”
Elsewhere in his remarks, Tebboune pointed out that the BRICS bank has $100 billion, which is a larger capital than that of the World Bank.
“BRICS will finance our projects, we will join their organization and unite politically,” Tebboune said.
And interestingly —
Back in February, Russian Foreign Minister Sergey Lavrov said Algeria is one of the main prospects for BRICS membership. At the time, Lavrov added that once Algeria joins BRICS it will not be forced to follow instructions if they contradict its national interests, noting that the organization is non-hegemonic.
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🇩🇿BRICS NEWS! BRICS New Development Bank Approves Algeria’s Membership
Algeria has officially been authorized to join the BRICS New Development Bank (NDB), announced by the bank’s president, Dilma Rousseff, during the ninth annual meeting in Cape Town.
The NDB, established by… pic.twitter.com/BN6BHYmcJu
— DD Geopolitics (@DD_Geopolitics) August 31, 2024
Algeria will join the BRICS New Development Bank❗️
The new development bank was formed by a group of BRICS countries – Brazil, Russia, India, China and South Africa – in 2015 with the aim of financing infrastructure projects and sustainable development projects in the BRICS… pic.twitter.com/ncwf2dNoLR— S p r i n t e r (@SprinterFamily) September 1, 2024
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Algeria’s bid to join BRICS New Development Bank approved: Ministry
The Algerian Finance Ministry says Algiers’ membership was achieved due to “the strength of the country’s macroeconomic indicators.”
Algeria has been approved for membership in the BRICS New Development Bank (NDB), according to an announcement by the country’s Finance Ministry.
The decision was made on Saturday and revealed by NDB President Dilma Rousseff during a meeting in Cape Town, South Africa.
By joining “this important development institution, the financial arm of the BRICS group, Algeria is taking a major step in its process of integration into the global financial system,” the Algerian Finance Ministry indicated in a statement.
The BRICS bank, established by the founding members Brazil, Russia, India, China, and South Africa, was created to provide an alternative to traditional international financial institutions like the World Bank and IMF.
Algeria’s membership was achieved due to “the strength of the country’s macroeconomic indicators,” which have demonstrated “remarkable performances in recent years,” enabling the North African nation to be classified as an “upper-tier emerging economy,” the Finance Ministry pointed out.
It added that membership in the BRICS bank is expected to offer Algeria—Africa’s leading natural gas exporter—”new prospects to support and strengthen its economic growth in the medium and long term.”
Established in 2015, the NDB’s primary mission is to mobilize resources for projects in emerging markets and developing countries.
BRICS has recently welcomed several new member countries, including Egypt, the United Arab Emirates, Iran, and Saudi Arabia.
Source
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