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Formalizing Algeria's Membership in the New Development Bank: What's Next?

ALGIERS - Finance Minister Laaziz Faid met Thursday by videoconference with the President of the New Development Bank (NDB), Dilma Roussef, to discuss the next steps in formalizing Algeria's membership of the institution, according to a Ministry press release.

Laaziz Faid and Dilma Roussef
Laaziz Faid and Dilma Roussef

The meeting allowed both parties to review the agreement reached by the NDB Board of Governors regarding Algeria's application to join the institution, as stated by the same source.


Additionally, the meeting served as an opportunity to discuss the next steps for formalizing Algeria's membership and ensuring its active involvement in the institution, as mentioned in the press release.


During the meeting, Mr. Faid expressed gratitude to his counterpart for facilitating and expediting the country's accession process to the NDB, as reported by the Ministry of Finance.


The Minister highlighted the alignment of the NDB's vision and objectives with Algeria's priorities, especially in terms of socio-economic development and solidarity with Southern countries for inclusive growth.


The NDB President congratulated Algeria for successfully completing a crucial stage in the membership process, noting that the country's membership application was unanimously approved by all NDB member countries during the 9th Board of Governors meeting in Cape Town in late August.


She also confirmed her institution's willingness to collaborate with Algeria in achieving the NDB's development goals.


Lastly, both parties agreed to maintain ongoing dialogue between Algeria and the NDB to enhance cooperative relations, as outlined in the press release.

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