Algeria applies to join BRICS, would contribute $1.5 bln to group bank

Algerian President Abdelmadjid Tebboune was quoted by Ennahar TV as saying that Algeria has submitted an application to join the BRICS group and a request to become a shareholder member of the BRICS Bank with a contribution of $1.5 billion. It was also mentioned that Tebboune stated Algeria’s desire to join the BRICS in order to create new economic prospects at the conclusion of his visit to China. The oil and gas-rich nation in North Africa is attempting to diversify its economy and improve relations with nations like China. Brazil, Russia, India, China, and South Africa make up the BRICS group of countries. It makes up around 26% of the world’s GDP and more than 40% of the world’s population. “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. According to South Africa’s top diplomat overseeing relations with the bloc, more than 40 states have indicated interest in joining the BRICS group of nations. Among the nations that indicated interest were Argentina, Iran, Saudi Arabia, the United Arab Emirates, Cuba, the Democratic Republic of the Congo, Comoros, Gabon, and Kazakhstan. Tebboune was quoted this week in local media as saying that China will spend $36 billion in Algeria across a variety of industries, including manufacturing, new technology, the knowledge economy, transport, and agriculture. (With agency inputs)