Algeria becomes member of New Development Bank

Why in news?

• Recently Algeria became a new member of the New Development Bank

New Development Bank

• Establishment - Year 2015
• Headquarters - Shanghai (China)
• Brazil, Russia, India, China and South Africa are the founding members of the New Development Bank.  
• Its main objective is to finance infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries.
• Current members – 9 (Algeria, Brazil, Russia, India, China, South Africa, Bangladesh, United Arab Emirates and Egypt).