Algeria Joins BRICS Bank Secures $3B Islamic Development Loan

Algeria has joined the BRICS-led New Development Bank (NDB), enhancing its role in global finance and opening up new opportunities for investment and development cooperation. The NDB expressed readiness to partner with Algeria on impactful projects that drive progress and development. In parallel, Algeria secured a $3 billion loan from the Islamic Development Bank (IsDB) to be disbursed over the next three years, primarily supporting an ambitious railway network expansion aimed at connecting economic zones and boosting national growth. This railway project, part of Algeria’s collaboration with China under the Belt and Road Initiative, seeks to triple the country's rail network by 2030, facilitating trade and regional connectivity. The IsDB and Algeria are also strengthening their strategic partnership through a new framework focused on competitiveness and sustainable growth. Together, these developments illustrate Algeria’s commitment to modernizing infrastructure and fostering economic development through multilateral financial support.