In a significant move signaling its ambition to forge new economic opportunities and strengthen international partnerships, Algeria has officially applied for membership in the BRICS group of nations.
Algerian president Abdelmadjid Tebboune announced the application and revealed that his country is seeking to become a shareholder member of the BRICS Bank, contributing an initial amount of $1.5 bn to the financial institution.
President Tebboune made the announcement at the conclusion of his visit to China, where discussions about Algeria's potential membership in BRICS took place. The North African country, known for its vast oil and gas reserves, is now aiming to diversify its economy and foster closer ties with prominent economies such as China.
The BRICS group, which currently comprises Brazil, Russia, India, China, and South Africa, wields substantial global influence, accounting for over 40% of the world's population and approximately 26% of the global economy. By joining the prestigious bloc, Algeria intends to tap into the group's economic prowess and create new avenues for development.
"We officially applied to join the BRICS group, we sent a letter asking to be shareholder members in the bank... Algeria's first contribution to the bank will be $1.5 bn," president Tebboune stated.
Algeria's expression of interest in the BRICS comes as more than 40 countries have also shown keenness in becoming part of the influential group. South Africa, one of the founding members of BRICS, revealed that countries such as Argentina, Iran, Saudi Arabia, the United Arab Emirates, Cuba, the Democratic Republic of Congo, Comoros, Gabon, and Kazakhstan have expressed their desire to join the bloc.
As part of its commitment to strengthen ties with Algeria, China has pledged to invest a substantial sum of $36 bn across various sectors in the North African nation. The investments will encompass manufacturing, new technology, the knowledge economy, transport, and agriculture, as quoted by local media in Algeria.
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