Algeria is on the verge of joining the BRICS Bank

Aziz Fayed, Minister of Finance of Algeria, referring to his recent meeting with the head of the BRICS bank known as “New Development Bank”, said: I had a conversation with this bank official regarding the process of Algeria joining this international financial institution.

He stated that the process of Algeria’s joining the BRICS bank continues according to an agreed timetable, and clarified: the legal measures related to Algeria’s joining the BRICS bank has reached its final stage.

According to Anatolia news agency, despite the support of Russia and China for Algeria to join the BRICS group, the name of this country is It was suddenly removed from the list of countries that joined BRICS last summer.

before the BRICS summit in South Africa (August 2023 Saudi Arabia, UAE, Egypt and Algeria had many chances to join BRICS, but there was no name of Algeria in the list of new BRICS members among these four Arab countries.

BRICS is a political economic group founded in 2009 by Russia, Brazil, India and China plus South Africa.

Algerian finance minister about foreign exchange reserves His country said: these reserves have reached 69 billion dollars at the end of last December, which is equivalent to 16 months of imports. According to the officials of the BRICS Bank of 15 countries They want to join this financial institution.

BRICS group bank called “New Development Bank” in 2014 with the aim of providing funds for infrastructure projects in member countries of this group have been launched.

Reducing reliance on the dollar and prioritizing local currencies are among the programs that the BRICS Bank has in its agenda.

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