The Algerian Ministry of Finance announced that the Board of Governors of the New Development Bank (NDB) of the BRICS group approved Algeria’s accession to the financial institution in a meeting on Saturday.

The ministry stated in a statement today that Algeria’s accession to “this important development institution, which is considered the financial arm of the BRICS group, represents a significant step in the integration into the global financial system, making Algeria the ninth country to join the New Development Bank” alongside major countries like Russia and China, according to Agence France-Presse.

The announcement was made in a statement by Dilma Rousseff, the former President of Brazil and Chair of the NDB Board, during the Saturday meeting in Cape Town, South Africa.