Cape Town, South Africa - August 30, 2024

The New Development Bank (NDB) officially welcomed Algeria as a new member during its ninth annual meeting in Cape Town, South Africa, as Dilma Rousseff, the bank's president, announced on Saturday.

This move is part of the NDB's strategy to broaden its influence and mobilize resources for infrastructure and sustainable development projects across emerging markets and developing countries.

Algerian President Abdelmadjid Tebboune first revealed the country's application to join the NDB in July 2023, marking a pivotal moment in Algeria’s engagement with international development finance.

The bank's expansion aims to enhance its capacity to support global growth and development initiatives. This expansion follows the NDB's 2021 membership growth, which included Bangladesh, Egypt, the United Arab Emirates, and Uruguay.

Headquartered in Shanghai, the NDB was established by Brazil, Russia, India, China, and South Africa (BRICS) and began operations in July 2015. The bank complements existing multilateral and regional financial institutions by focusing on infrastructure and sustainable development projects.

SHOTLIST:

FILE: Algeria - Date Unknown
1. Algerian national flags;
2. Various of Algerian national flags on building, roadside;

Cape Town, South Africa - Aug 30, 2024
3. Sign of 9th New Development Bank (NDB) Annual Meeting;
4. Screen showing sign, theme of meeting;
5. Meeting in progress;
6. Flag of New Development Bank, national flags of NDB member countries;

FILE: Shanghai, China - Sept 28, 2021
7. Aerial shots of building of NDB headquarters;
8. Various of NDB logo, flags.

[Restrictions: No access Chinese mainland]