On May 22, the New Development Bank (NDB), formerly referred to as the BRICS Development Bank, announced that Algeria has officially become a new member.
NDB is a multilateral development bank jointly established in 2015 by the five original BRICS members (Brazil, Russia, India, China, and South Africa), with headquarter in Shanghai. Its goal is to mobilize resources for infrastructure and sustainable development projects in BRICS countries as well as other emerging markets and developing countries.
NDB began its expansion in 2021. To date, Bangladesh, Egypt, the United Arab Emirates (UAE), and Algeria have officially become new member countries.
The BRICS system has also expanded with six new members in 2024–2025, including Egypt, Ethiopia, Indonesia, Iran, Saudi Arabia, and the UAE.
Source: Xinhua, May 22, 2025
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