The Algerian government has made an application to join the BRICS group, submitting a request to be assigned as a shareholder member of BRICS Bank with the sum of $1.5 billion.
Algerian news media, Ennahar TV had stated that President Abdelmajid Tebboune had remarked that the country had sought to join the BRICS so as to open new economic opportunities during the end of his visit to China.
Algeria is rich in oil and gas resources and is looking to diversify its economy and boost its partnership with countries like China.
The BRICS group of nations includes: Brazil, Russia, India, China, and South Africa. The group accounts for over 40% of the world’s population and about 26% of the global economy.
Of late, over 40 countries have expressed their interest in joining the BRICS group of nations.
Some of the interested countries include:
Argentina, Saudi Arabia, Cuba, Iran, the United Arab Emirates (UAE), Democratic Republic of Congo, Gabon, Comoros, and Kazakhstan are among countries that expressed interest.
Tebboune had also disclosed tbag the Republic of China was all set to invest $36 billion in Algeria, across sectors including manufacturing, new technology, agriculture, the knowledge economy, and transport.
