ALEGRIA has applied to become a member of the New Development Bank (NDB) and its President, Abdelmadjid Tebboune, pledged funding of 1.5 billion U.S. dollars upon its joining.
To recall, Tebboune visited China from Monday to Friday upon the invitation of Chinese President Xi Jinping. Tebboune also held talks with Xi in Beijing on Tuesday.
In an exclusive CCTV interview sent to SMNI News, the Algerian president discussed the country’s ambition to join the BRICS group and the NDB.
“We have informed the president of the NDB and former Brazilian President Dilma Rousseff that we will provide funding for the NDB, and as the first amount of funding after joining, we will provide 1.5 billion U.S. dollars,” President Abdelmadjid Tebboune, Algeria said.
Formally opened in July 2015, the NDB was established by the BRICS nations, namely Brazil, Russia, India, China, and South Africa.
And in 2021, NDB initiated membership expansion and admitted Bangladesh, Egypt, United Arab Emirates, and Uruguay as its new member countries
This was not the first time that Pres. Tebboune has expressed the willingness of his country to join the BRICS.
He previously mentioned joining the said bloc in 2022, and during the visit, Tebboune hoped to advance the process to bring better economic prospects for Algeria.
“Joining the BRICS cooperation mechanism will bring better economic prospects for Algeria. It should be noticed that for years we have worked with China to build a better world with more equity and justice, especially in helping poor countries. We’ve been striving for a multipolar world,” Tebboune added.
“I talked With President Xi Jinping on the topic of development and equity, as well as on the reform of united nations institutions. Together with China, we have proposed reforms to institutions such as the international monetary fund and the World Bank, which have become unrepresentative of the interests of poor and developing countries. Algeria’s membership in the BRICS cooperation mechanism will be of great help to Algeria, so we have applied for official membership in the BRICS cooperation mechanism and the NDB,” according to Tebboune.
Tebboune said he and his country support the Global Development Initiative (GDI), the Global Security Initiative (GSI), and the Global Civilization Initiative (GCI) proposed by Xi.
“We fully agree with the initiatives put forward by President Xi, and we have also signed some relevant agreements. We support these Chinese initiatives and there is no disagreement between us,” Tebboune added.
