A staff worker stands behind the national flags of Brazil, Russia, China, South Africa and India to tidy the flags before a group photo during the BRICS Summit at the Xiamen International Conference and Exhibition Center in Xiamen, southeastern China's Fujian Province, China September 4, 2017. REUTERS/Wu Hong/Pool/File Photo

Algeria applies to join BRICS, contribute $1.5 billion

On Jul 22, 2023

Algeria has applied to join the BRICS group and submitted a request to become a shareholder member of BRICS Bank with an amount of $1.5 billion, Algerian President Abdelmadjid Tebboune said.

It added that Tebboune said at the end of his visit to China that Algeria had sought to join the BRICS to open new economic opportunities.

The North Africa country is rich in oil and gas resources and seeking to diversify its economy and strengthen its partnership with countries such as China.

The BRICS group of nations comprises Brazil, Russia, India, China, and South Africa.

It accounts for more than 40% of the world’s population and about 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 40 countries said.

More than have expressed interested in joining the BRICS group of nations, South Africa’s top diplomat in charge of relations with the bloc said this week.

Argentina, Iran, Saudi Arabia, the United Arab Emirates, Cuba, Democratic Republic of Congo, Comoros, Gabon, and Kazakhstan are among countries that expressed interest.

China will invest $36 billion in Algeria across sectors including manufacturing, new technology, the knowledge economy, transport, and agriculture.

Reuters/Hauwa M.