Latest news with #DilmaRousseff
Hindustan Times
24-05-2025
- Business
- Hindustan Times
BRICS gets more powerful despite Trump's bloc ‘Dead' declaration Algeria
Algeria has officially joined the BRICS-backed New Development Bank (NDB), marking a major expansion of the bank's influence into North Africa and further accelerating the BRICS bloc's push to provide an alternative to Western-dominated financial institutions. The accession was finalized on May 22, 2025, with NDB President Dilma Rousseff congratulating Algeria and highlighting its vital role in both the Northern African and global economies. Watch for more
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.
Yahoo
23-05-2025
- Politics
- Yahoo
Former Brazilian president receives compensation for torture
Former Brazilian president Dilma Rousseff is to receive compensation for her torture by the military during the country's dictatorship. As a politically persecuted individual, a commission of the South American country's Ministry of Human Rights awarded the former head of state, who was in power from 2011-16, compensation of 100,000 reais ($17,720), the TV channel TV Globo reported. Rousseff was arrested in 1970 at the age of 22 for her resistance to the military junta and was tortured multiple times during her approximately three-year imprisonment. The military dictatorship in Brazil lasted from 1964 to 1985. According to the report by the national truth commission, more than 400 people were murdered and thousands tortured during the dictatorship. Rousseff has previously received compensation totalling 72,000 reais from the states of Rio de Janeiro, São Paulo and Rio Grande do Sul, where she was tortured during her imprisonment. She donated the payments to social organizations. Rousseff is currently working as the president of the New Development Bank (NDB) of the BRICS countries in Shanghai. The BRICS countries were originally Brazil, Russia, India, China and South Africa, but they have expanded to include Egypt, Ethiopia, Indonesia, Iran and the United Arab Emirates.
The Hindu
22-05-2025
- Business
- The Hindu
BRICS bank NDB admits Algeria as new member
The New Development Bank (NDB), established by BRICS nations, has admitted Algeria as a new member, further expanding its global membership base, it said on Thursday (May 22, 2025). Algeria has deposited its instrument of accession, in line with the provisions of the Articles of Agreement of the NDB on May 19, the Shanghai-headquartered bank said in a press release. Welcoming Algeria, NDB President Dilma Rousseff said, '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.' 'Rich in natural resources, with a dynamic economy and strategic geographic position, Algeria has immense potential for growth and development. NDB is fully committed to becoming a reliable and trustworthy partner for Algeria, supporting its sustainable development agenda,' she said. 'The New Development Bank is a financial institution mobilising resources for infrastructure and sustainable development projects. It is a platform for collaboration and knowledge sharing among its member countries. Together with Algeria, we will work to finance impactful projects that drive progress, improve lives, and contribute to development,' Ms. Rousseff, who is from Brazil, said. Both the presidency and vice-presidency of the NDB are rotated among BRICS founding members: Brazil, Russia, India, China and South Africa. NDB was established in 2015 for financing development projects in the group's member countries. Since its establishment, NDB has approved over 120 investment projects totalling $40 billion and spanning several key areas, including clean energy and energy efficiency, transport infrastructure, environmental protection, water supply and sanitation, social and digital infrastructure, according to the press release. 'We are delighted to announce the formalisation of Algeria's membership of the New Development Bank and thus becoming a full member of this prestigious international financial institution,' Algeria's Finance Minister Abdelkrim Bouzerd said. '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,' Mr. Bouzerd said.
Mint
22-05-2025
- Business
- Mint
BRICS bank NDB admits Algeria as new member
Beijing, May 22 (PTI) The New Development Bank (NDB), established by BRICS nations, has admitted Algeria as a new member, further expanding its global membership base, it said on Thursday. Algeria has deposited its instrument of accession, in line with the provisions of the Articles of Agreement of the NDB on May 19, the Shanghai-headquartered bank said in a press release. Welcoming Algeria, NDB President Dilma Rousseff said, '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.' Rich in natural resources, with a dynamic economy and strategic geographic position, Algeria has immense potential for growth and development. NDB is fully committed to becoming a reliable and trustworthy partner for Algeria, supporting its sustainable development agenda, she said. 'The New Development Bank is a financial institution mobilising resources for infrastructure and sustainable development projects. It is a platform for collaboration and knowledge sharing among its member countries. Together with Algeria, we will work to finance impactful projects that drive progress, improve lives, and contribute to development,' Rousseff, who is from Brazil, said. Both the presidency and vice-presidency of the NDB are rotated among BRICS founding members: Brazil, Russia, India, China and South Africa. NDB was established in 2015 for financing development projects in the group's member countries. Since its establishment, NDB has approved over 120 investment projects totalling USD 40 billion and spanning several key areas, including clean energy and energy efficiency, transport infrastructure, environmental protection, water supply and sanitation, social and digital infrastructure, according to the press release. 'We are delighted to announce the formalisation of Algeria's membership of the New Development Bank and thus becoming a full member of this prestigious international financial institution,' Algeria's finance minister Abdelkrim Bouzerd said. '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,' Bouzerd said.
