Algerian President Abdelmadjid Tebboune announced that Algeria has formally applied to join the BRICS group and has submitted a request to become a shareholder member of the BRICS Bank with a significant contribution of $1.5 billion. The move is aimed at opening new economic opportunities for the North African country, which is rich in oil and gas resources and is seeking to diversify its economy and strengthen partnerships with key global players, including China.
During President Tebboune’s recent visit to China, he expressed Algeria’s interest in becoming a part of the BRICS group, comprising Brazil, Russia, India, China, and South Africa. This association represents more than 40% of the world’s population and accounts for about 26% of the global economy.
In his statement, President Tebboune highlighted the economic potential and strategic importance of Algeria’s membership in BRICS, emphasizing the country’s commitment to contribute significantly to the BRICS Bank. The proposed $1.5 billion investment from Algeria is expected to bolster the bank’s resources and enhance its ability to support development projects in member countries.
Apart from Algeria, more than 40 other countries have also expressed their interest in joining the BRICS group. Among the nations expressing interest are Argentina, Iran, Saudi Arabia, the United Arab Emirates, Cuba, Democratic Republic of Congo, Comoros, Gabon, and Kazakhstan. This growing interest in BRICS reflects the group’s increasing prominence on the global stage as a crucial player in shaping international economic policies and strategies.
Additionally, Algeria and China are strengthening their bilateral relations, with China committing to invest $36 billion in various sectors in Algeria. The investments will encompass manufacturing, new technology, the knowledge economy, transport, and agriculture, among others. This investment initiative is expected to enhance Algeria’s economic development and foster greater cooperation between the two nations.
As Algeria’s application to join the BRICS group progresses, its potential membership in this influential economic alliance holds the promise of significant benefits for both the country and the BRICS community.
(Source: Reuters)
