Algeria Close to Joining the BRICS Bank

Algeria is close to joining the New Development Bank, known as the “BRICS Bank”, as the process will be completed according to the agreed-upon timetable, and this bank can contribute to financing development, and strategic and structural projects for the Algerian economy.

On the sidelines of his participation in the 2024 Spring Meetings of the World Bank Group and the International Monetary Fund currently held in Washington, Finance Minister Laaziz Fayed met with Dilma Vana Rousseff, Chair of the New Development Bank.

The discussions focused in particular on the extent of the development of Algeria’s accession to this international financial institution, as Rousseff explained in this regard that “this process is continuing, according to the agreed-upon timetable, and that the legal and institutional procedures for this accession are in the final stage. The two parties also discussed the possibilities of future cooperation with our country in financing strategic and structural development projects for Algeria’s economy”.

As part of his continued participation in the work of the 2024 Spring Meetings of the World Bank Group and the International Monetary Fund currently held in Washington D.C, the Minister of Finance, Laaziz Fayed, participated, on Thursday, April 18, 2024, in the high-level ministerial meeting of the World Bank on the Human Capital Project, and also attended on Friday, April 19. April 2024 the meeting of the International Monetary and Financial Committee.

The Human Capital Project is a global initiative to promote and improve population investments to promote social justice and stimulate comprehensive global economic growth. The 2024 edition of the Ministerial Meeting on the Human Capital Project brought together about 50 countries, represented by their finance ministers. It focused mainly on the potential impact of artificial intelligence on human capital development.

The Minister of Finance also participated in the meeting of the International Monetary and Financial Committee and in the spring meetings, where the committee submitted a report to the Board of Governors of the International Monetary Fund on the latest developments in the field of supervision and management of the international monetary and financial system, as well as the measures that must be taken in the events that could disrupt this system.

Moreover, at the bilateral level, the Minister met respectively with Ousmane Dione, Vice President for the Middle East and North Africa Region at the World Bank and his team, Fahd Alturki, Director General and Chairman of the Board of Directors of the Arab Monetary Fund (FMA), in addition to Paolo Gentiloni, the European Union Economy Commissioner.

During these meetings, Fayed presented the recent development of the Algerian economic framework and its positive results. He took this opportunity to inform his interlocutors of the measures and reforms taken by the Algerian government, especially to facilitate and encourage national and foreign investment, improve the business environment, improve public financial management, and promote good governance and transparency, as well as promoting economic diversification and exports outside hydrocarbons.

During his meeting with the European Union Economy Commissioner, the two parties discussed the status of bilateral energy cooperation and strengthening the Algerian position in the European market. The discussions also focused on ways and means of boosting this cooperation in new fields, such as renewable energies and hydrogen. The issue of diversifying the Algerian economy and the European Union’s contribution through large investments in this framework was also addressed.