The New Development Bank (NDB), an institution established by the BRICS nations Brazil, Russia, India, China, and South Africa in 2014, has taken a significant step in its mission to support a multipolar financial order by welcoming Algeria as its newest member. This strategic move not only broadens the bank’s reach but also strengthens the global effort to shift away from U.S. dollar dominance in international finance.
NDB President Dilma Rousseff, the former president of Brazil, hailed Algeria’s accession as a pivotal moment for the bank’s expansion. She emphasized that Algeria, with its growing economy and strategic regional position in North Africa, will contribute meaningfully to the bank’s objective of becoming an “important bank” for developing countries and emerging markets.
The inclusion of Algeria is seen as part of the broader de-dollarization trend, where nations and financial institutions are increasingly looking to reduce their reliance on the U.S. dollar in trade and investment. For the NDB, this aligns closely with its founding principles promoting financial sovereignty among member states and mobilizing resources for infrastructure and sustainable development projects that reflect local priorities.
Since its inception, the NDB has been actively financing projects across its founding member states, offering loans, guarantees, and other financial tools. Its portfolio includes investments in renewable energy, transport infrastructure, and water management, underscoring its commitment to sustainable development.
The expansion also signals growing confidence in BRICS as a collective force on the global stage. As geopolitical tensions and economic realignments reshape the global order, institutions like the NDB are positioning themselves as viable alternatives to traditional Western-dominated financial structures such as the World Bank and the International Monetary Fund.
By continuing to welcome new members like Algeria, the NDB is not only increasing its capital base but also strengthening the narrative of a more equitable and diversified global financial system one where developing nations have greater agency in shaping their economic futures. As the de-dollarization movement gains momentum, the NDB’s role is poised to become even more influential in the years ahead.
