Fayed meets with the President of the New Development Bank – Al-Hiwar Algeria

Aziz Fayed, Minister of Finance, on the sidelines of his participation as a representative of the President of the Republic in the works of the Summit for a New Global Financial Pact, held in Paris, France, on June 22-23, 2023, met with Dilma Rousseff, President of the New Development Bank.
During this meeting, the two parties discussed the work of the Paris Summit for a new global financial structure and the expected role of multilateral financial institutions in financing development in its wide scope, in light of the multidimensional challenges facing developing countries in particular.
This opportunity was also used to discuss Algeria’s request for membership in the New Development Bank, a membership that was well received by the president of this institution and members of its board of governors. Practical arrangements related to the membership process were also discussed.
It should be noted in this regard that our country has recently officially expressed its interest in becoming a member of this multilateral financial institution.
The New Development Bank was established in 2015 by the BRICS group, which is represented in Brazil, Russia, India, China and South Africa, with an initial capital estimated at 100 billion US dollars. Headquartered in Shanghai (China), the New Development Bank aims to contribute to global growth and development by helping to meet the needs and aspirations of developing countries.