Latest news with #AbdelkrimBouzred
Russia Today
23-05-2025
- Business
- Russia Today
BRICS bank gets new member
Algeria has officially become a member of the New Development Bank (NDB), the financial institution established by the BRICS group of nations. The announcement was made by the NDB's press service on Thursday, citing the bank's president, Dilma Rousseff, who welcomed the North African nation's accession as a significant milestone for both Algeria and the bank. 'Algeria plays an important role not only in the economy of Northern Africa, but also at a global scale, and will definitely contribute to enhancing NDB's position in the global financial arena,' she noted. Rousseff emphasized the institution's commitment to co-financing development projects aimed at improving living standards and promoting economic progress. Algerian Finance Minister Abdelkrim Bouzred also welcomed the decision, saying: 'This membership is a testament to our belief in this institution's vital role in financing global development, and its status as a key player capable of providing alternative and innovative solutions to promote the growth and resilience of its member countries' economies.' In 2023, Algeria became one of four countries to move up in the World Bank rankings from low-income to upper-middle-income status. According to President Abdelmadjid Tebboune, Algeria has nearly eliminated its external debt, does not need loans from external organizations, and is actively diversifying non-hydrocarbon production to achieve self-sufficiency in various sectors. Both the International Monetary Fund and the World Bank classify Algeria as the third-largest economy in Africa, after South Africa and Egypt. Commenting on Algeria joining the NDB, Andrey Maslov, head of the Center for African Studies at Moscow's Higher School of Economics, told RT: 'For the BRICS, Algeria joining the bank is great news. The country has a good credit history, a trade surplus, and few debts. Algeria's ambitious export diversification program, as well as its infrastructure projects, require significant investments, and they can be good business for the bank.' 'However, the New Development Bank itself still has a long way to go before it becomes a viable alternative to Western-oriented financial institutions. For now, it is too dependent on the dollar and is acting cautiously to avoid secondary anti-Russian sanctions,' Maslov noted. The NDB was founded by the BRICS group in 2015 to address the needs of developing countries which, according to its members, are not equally represented in the international financial architecture. The NDB welcomed Bangladesh and the United Arab Emirates (UAE) as members in 2021, while Egypt joined in 2023. BRICS was established in 2009 by Brazil, Russia, India, and China, with South Africa joining two years later. In 2024, the bloc extended full membership to Iran, Egypt, Ethiopia, Indonesia, and the United Arab Emirates. Nigeria and Uganda became BRICS partner states in January 2025.
Al-Ahram Weekly
21-05-2025
- Business
- Al-Ahram Weekly
IsDB Launches matchmaking platform for South-South cooperation - Economy
The Islamic Development Bank (IsDB) has launched a digital matchmaking platform to enhance South-South Cooperation (SSC), connecting its 57 member countries through a centralized hub for expertise sharing and development partnerships. Unveiled at a high-level event during the IsDB Group Annual Meetings in Algiers, the platform is designed to operationalize the Bank's 'Reverse Linkage' mechanism—pairing countries with specific development needs with those offering proven solutions under the ethos of 'from the South, to the South, and by the South.' Developed by IsDB's Reverse Linkage Division, the platform responds directly to the priorities set out by the Bank's Governors. It is a key outcome of the Riyadh Declaration@50, adopted during the IsDB's Golden Jubilee in 2024. The declaration reaffirmed SSC as central to the Bank's development agenda. 'This is more than a digital tool,' said Dr. Issa Faye, Director General for Global Practices and Partnerships at IsDB. 'It's a manifestation of our commitment to institutionalizing scalable, sustainable, and inclusive cooperation—empowering seekers and providers of expertise to connect, collaborate, and co-create impactful solutions.' The platform currently hosts more than 300 resource centres across 11 thematic areas, each with a demonstrated record in technical cooperation, innovation, and capacity-building. It also welcomes new institutions to join the network, enabling real-time feedback and knowledge exchange across the SSC ecosystem. Senior officials from the IsDB, member state delegations, and development partners attended the launch event. Algerian representatives, including Abdelkrim Bouzred from the Ministry of Finance and Abed Hallouz, Director General of the Algerian Agency for International Cooperation, underscored Algeria's growing role in fostering regional collaboration through the platform. Follow us on: Facebook Instagram Whatsapp Short link:
Zawya
21-05-2025
- Business
- Zawya
IsDB, Algeria sign cooperation framework for 2025–2027
Algiers -- The Islamic Development Bank Group (IsDB) and Algeria on Tuesday signed a Strategic Cooperation Framework for the period 2025–2027. The partnership framework brings together IsDB, the Islamic Corporation for the Development of the Private Sector (ICD), the International Islamic Trade Finance Corporation (ITFC), the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) the Islamic Solidarity Fund (ISF), and the Islamic Development Bank Institute. The new cooperation aims to support sectors that enhance competitiveness, economic diversification, infrastructure, and private-sector development and strength partnerships for human capital development and regional cooperation. The agreement was signed by Algerian Finance Minister Abdelkrim Bouzred and IsDB President Dr. Muhammad Al Jasser.
El Chorouk
21-02-2025
- Business
- El Chorouk
The 750 Euro Grant Will Not Exclude Land Travelers
English The government officially launched the 750 euro tourist grant disbursement after Eid el-Fitr, which will include land travellers. Meanwhile, the Bank of Algeria is strengthening its presence by deploying special branches in international airports and continuing to open exchange offices in ports. In light of these unprecedented financial movements, the Finance Committee of Parliament anticipates a possible decrease in the price of hard currency in the black market. Bets are placed on narrowing the gap between the official and parallel prices and curbing speculation. In this context, the head of the Finance and Budget Committee of the National People's Assembly, Oussama Arabaoui, told 'Echorouk' that the Finance Committee, its chairman and members, had previously raised the issue of the tourism grant repeatedly with the successive finance ministers in the sector, given its importance to the Algerian citizen travelling abroad, and that the recent statement by Minister Abdelkrim Bouzred sends good news, especially since the instruction that will determine the date of the decision's entry into force and the methods of benefiting from the grant ordered by the President of the Republic, Abdelmadjid Tebboune, will be issued directly with Eid el-Fitr, and this grant will not exclude land travellers, which is considered a positive decision. Arbaoui explained: 'As Chairman of the Finance and Budget Committee of the National People's Assembly, I welcome the announcement made by the Finance Minister during his presentation of the draft budget settlement for 2022, regarding the entry into force of the tourism grant after Eid el-Fitr at the latest, after it was proposed by the members of the committee in the discussion,' stressing that this announcement comes within the framework of the state's efforts to enhance financial transparency and reduce the gap between the official and parallel exchange rates, in line with the authorities' initiation of establishing exchange offices that have been set up in Algerian airports and ports, including allocating branches for the Bank of Algeria at Algiers International Airport, to enable travelers to benefit from the tourism grant exchange service. The Chairman of the Finance Committee believes that this step reflects the government's commitment to developing the financial system according to a balanced vision that responds to citizens' aspirations and at the same time takes into account the stability of public finances, as it is expected to contribute to improving the purchasing power of travellers, reducing reliance on the parallel market, and strengthening the role of official financial institutions, in addition to supporting the banking sector by increasing official flows of hard currency, which enhances Algeria's image as a country that relies on modern and flexible financial policies. The speaker went on to remind that the tourism grant file was of great interest to the Finance and Budget Committee, as it was raised in many interventions by committee members during previous meetings with the former minister, which reflects the MPs' preoccupation with this vital issue and their keenness to find practical solutions that respond to citizens' aspirations. Raising the tourism grant to 750 euros also confirms the state is keen to accompany citizens and provide appropriate conditions for their travel for various purposes, whether tourism, study or treatment, reflecting an integrated economic approach aimed at achieving a balance between responding to citizens' needs and ensuring financial sustainability. 'While we appreciate this initiative, we call for continuing reforms aimed at enhancing financial and social stability, and developing the banking system in line with economic transformations, as part of the government's efforts to enhance economic growth and achieve sustainable development,' Arabaoui added. Finance Minister Abdelkrim Bouzred had previously announced on Thursday, during a general session of the National People's Assembly devoted to asking oral questions to several government members, that the travel grant in hard currency would officially come into effect at the end of March or immediately after holy Eid el-Fitr. Previously, President Tebboune had ordered, in a cabinet meeting early last December, to raise the tourism grant to 750 euros per year for adult travellers, and 300 euros for minor travellers, while raising the Hajj grant to $1000. Share
