Latest news with #NDB
Business Insider
2 days ago
- Business
- Business Insider
New era for Russia-Ethiopia relations as defense, currency, and BRICS deals unfold
A high-level Ethiopian delegation led by Chief of the General Staff Field Marshal Birhanu Jula Gelalcha met with senior Russian defense officials led by Deputy Defense Minister Alexander Fomin in Moscow, demonstrating the expanding strategic ties between Russia and Ethiopia. Ethiopian military officials held discussions with Russian counterparts in Moscow to strengthen bilateral military ties. The talks emphasized strategic cooperation in regional security and professional military communications. Ethiopia and Russia are also enhancing economic collaboration, including currency trading and local currency trade initiatives. According to a statement from Russia's Ministry of Defense, as seen on Sputnik, the discussions focused on implementing existing agreements, military-technical cooperation, responding to regional and global security problems, and expanding future military ties. Both delegations reaffirmed their commitment to constructive discussion, emphasized the importance of regional stability, and agreed to improve professional military communication among their respective armed services. The meeting underscored Russia and Ethiopia's strong and budding relationship, which has been steadily improving in recent years. Growing relationship between Ethiopia and Russia this year so far This defense involvement occurs at a time when the two countries are collaborating more closely on economic and political issues. In February 2025, the Kremlin added Ethiopia, along with Nigeria and Tunisia, to the list of African countries whose banks can now engage in currency trading within Russia. This policy shift represents a significant turning point in Russia's foreign economic relations, particularly as it strives to lessen reliance on Western financial institutions while strengthening connections with non-Western allies. Shortly after this development, Russia and Ethiopia began to look into the f easibility of trading in their own local currencies. Ethiopia's ambassador to Russia, Genet Teshome Jirru, highlighted in an interview that both countries are "trending toward doing business in their currencies," emphasizing the slow but purposeful shift towards economic sovereignty and interdependence. During the same month, Russia established Africa's first large-scale, multi-functional editorial center in Ethiopia's capital, Addis Ababa, as part of its overall soft power campaign. In April 2025, the government confirmed preparations to join the BRICS New Development Bank (NDB), becoming the fourth African country, after South Africa, Egypt, and Ethiopia's regional peer, to apply for membership. In an interview published on the official website of Brazil's BRICS Chairmanship, Ethiopian Ambassador to Brazil, Leulseged Tadese Abebe, verified Ethiopia's candidacy for NDB membership. He highlighted that joining the NDB is a national priority, reflecting Ethiopia's overall goal of fully integrating with the BRICS economic systems.
Hindustan Times
5 days ago
- 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
6 days ago
- 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.
See - Sada Elbalad
6 days ago
- Business
- See - Sada Elbalad
Algeria Officially Becomes Member of BRICS New Development Bank
Taarek Refaat Algeria has officially joined the New Development Bank (NDB) of the BRICS and become a full member, Bank Chair Dilma Rousseff announced. Rousseff noted, according to the bank's press office, that Algeria has become an important player not only in the North African economy, but also globally. She added, "Algeria will contribute to strengthening the NDB's position on the global financial scene," and said, "On behalf of the bank, I sincerely congratulate Algeria on its accession," according to the Russian news agency TASS. According to Rousseff, the financial institution is ready to cooperate with Algeria in the field of investment, concluding, "We will work with Algeria to finance effective projects that contribute to progress, improving lives, and development." The NDB was established by the BRICS countries based on an intergovernmental agreement signed at the group's sixth summit in Fortaleza in July 2014. The bank aims to finance infrastructure and sustainable development projects in BRICS countries and developing countries. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Egypt confirms denial of airspace access to US B-52 bombers News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies
The Hindu
7 days ago
- 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.
