Algeria has formally applied to join the BRICS and submitted a request to become a shareholder member of BRICS Bank, offering an amount of $1.5 billion, as quoted by Algerian President Abdelmadjid Tebbounes on Ennahar TV.
During his visit to China, President Abdelmadjid Tebboune expressed that Algeria sought to join the BRICS to explore new economic opportunities.
The North African country boasts abundant oil and gas resources and is striving to diversify its economy while enhancing its partnerships with countries like China.
The BRICS group of nations is composed of Brazil, Russia, India, China, and South Africa. Together, they represent over 40% of the world’s population and approximately 26% of the global economy.
“We officially applied to join the BRICS group, we sent a letter asking to be shareholder members in the bank … Algeria’s first contribution in the bank will be $1.5 billion,” Ennahar quoted Tebboune as saying.
South Africa’s top diplomat responsible for relations with the bloc revealed that over 40 countries have shown interest in joining the BRICS group of nations, as reported this week.
Countries such as Argentina, Iran, Saudi Arabia, the United Arab Emirates, Cuba, Democratic Republic of Congo, Comoros, Gabon, and Kazakhstan are among those that have expressed interest in joining the BRICS group of nations.
According to local media reports, Algeria’s President Abdelmadjid Tebboune announced that China will invest $36 billion in various sectors of the Algerian economy, including manufacturing, new technology, the knowledge economy, transport, and agriculture.