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
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
See - Sada Elbalad
41 minutes ago
- See - Sada Elbalad
At Least 15 Killed in Suicide Bombing in Syria
Israa Farhan A deadly suicide bombing struck Saint Elias Church in the Syrian capital Damascus on Sunday, leaving at least 15 people dead and several others injured, according to local authorities. The Syrian Civil Defense reported a mass casualty incident at the Mar Elias Church in the Al-Dweila neighborhood, describing the explosion as a terrorist attack. Emergency response teams rushed to the site to recover bodies, assist the wounded, and secure the area. The Syrian Ministry of Interior later confirmed that the attack was carried out by a suicide bomber affiliated with the Islamic State (ISIS). According to the ministry's statement, the attacker entered the church during a service, opened fire, and then detonated an explosive vest. Security forces were quickly deployed to the scene, sealing off the area and launching an investigation into the circumstances surrounding the attack. Forensic teams have begun collecting evidence to identify the bomber and uncover potential accomplices. This marks one of the deadliest attacks in Damascus in recent years and comes amid rising concerns about the resurgence of extremist activity in Syria's urban centers. Although the Islamic State has largely lost its territorial hold in Syria, the group continues to carry out sporadic and lethal attacks across the country. Saint Elias Church, a historic Christian site in Damascus, was hosting worshippers when the bombing occurred. The incident has sparked widespread condemnation and mourning across religious and community groups. Authorities have not yet released the full list of casualties, and hospitals in the capital are treating the wounded under heightened security. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt 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 News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean
See - Sada Elbalad
41 minutes ago
- See - Sada Elbalad
Despite Global Decline, Silver Prices Rise 1.5% in Local Market
Waleed Farouk Silver prices recorded a notable increase in the local market over the past week, rising by 1.5%, in contrast to a 0.8% decline in global spot prices. The global dip is largely attributed to profit-taking amid weakening demand for safe-haven assets. The week began with 800-grade silver trading at EGP 50.50 per gram and closed at EGP 51.25, reflecting a gain of 0.75 pounds. On the international front, silver opened the week at $36.23 per ounce and ended at $35.93, down by $0.30. As of the latest data, 800-grade silver is priced at EGP 51.25 per gram, while 999-grade is at EGP 64.00, and 925-grade at EGP 59.25. A silver pound coin (925-grade) is currently valued at EGP 474. Despite persistent geopolitical tensions—particularly in the Middle East—selling pressure after silver broke above the $36 threshold prompted some investors to lock in profits, leading to a modest global retreat. According to data from the Silver Institute, over 80% of global silver demand originates from industrial sectors, notably solar energy, automotive, and electronics. This strong industrial demand continues to provide robust price support despite market fluctuations. Over the past month, silver has gained approximately 9% (about $3), and 13.56% over the last three months (equivalent to $4.30). Since the beginning of 2025, the metal has surged by 25%. In the long term, silver prices have doubled—rising 102%—compared to January 2020 levels when the metal traded at $17.92 per ounce. Historically, silver hit an all-time high of $48 in 2011 and a record low of $3.55 in 1991. Analysts at Citibank forecast continued silver strength, projecting prices could reach $40 within 6 to 12 months, and potentially hit $46 by Q3 2025, driven by supply shortages and persistent industrial momentum. Meanwhile, gold is currently trading at $3,369 per ounce, placing the gold-to-silver ratio at 93.79:1—historically high—suggesting that silver may still be undervalued and primed for further gains. Amid anticipation surrounding upcoming U.S. Federal Reserve decisions and ongoing market volatility, silver continues to affirm its role as a hedge and store of value. It remains supported by geopolitical uncertainty and a murky global economic outlook. With diverging expectations for monetary policy and persistent global volatility, silver—alongside gold—remains an attractive hedge for investors navigating what many describe as a 'cautious wait-and-see' environment in global financial markets. 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 China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt 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 News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean
See - Sada Elbalad
2 hours ago
- See - Sada Elbalad
Egyptian, Jordanian FMs Call for De-escalation, Warn of Regional Chaos Amid Iran-Israel Tensions
Nada Mustafa Badr Abdelatty, Egypt's Minister of Foreign Affairs and Migration, received a phone call on Sunday from Ayman Safadi, Deputy Prime Minister and Minister of Foreign Affairs and Expatriates of the Hashemite Kingdom of Jordan. The call came as part of ongoing coordination and consultation between the two brotherly countries regarding regional developments. Both ministers discussed the rapidly evolving situation in the region, particularly the military escalation between Israel and Iran, which they warned poses a serious threat to regional peace and security. Abdelatty emphasized the urgent need to halt the escalation and establish a ceasefire, reaffirming that political and diplomatic solutions remain the only viable path to preventing the conflict from expanding in a way that could destabilize the region. Moreover, both ministers underscored the importance of restraint, de-escalation, and prioritizing dialogue over confrontation. They firmly rejected any violation of the principles of the United Nations Charter or international law and stressed the need to respect the sovereignty of states. They also warned of the dangerous consequences of further chaos and tension amid the ongoing escalation. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt 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 News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall
