The New Development Bank, headquartered in Shanghai, announced on May 22 that Algeria has joined as a new member.

New Development Bank President Dilma Rousseff said that Algeria's membership will help strengthen the bank's global presence and support the country's sustainable development goals.

The bank will work to finance constructive initiatives that promote progress, improve lives, and foster development, according to Rousseff.

Since 2021, the bank has expanded its membership to include Bangladesh, Egypt, the United Arab Emirates, and now Algeria.

Source: Xinhua News Agency