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Algerian President Abdelmadjid Tebboune was reported by Ennahar TV as stating 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 US$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.
Algeria is attempting to diversify its economy and improve relations with nations like China.
“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 US$1,5 billion,” Ennahar quoted Tebboune as saying.
Tebboune was cited this week in local media as claiming that China will spend US$36 billion in Algeria across a variety of industries, including manufacturing, new technology, the knowledge economy, transport, and agriculture. According to South Africa’s top diplomat overseeing ties with the bloc, more than 40 states have indicated an interest in joining the BRICS group of nations. On the 29th of June 2023, Ethiopia, one of Africa’s fastest-growing economies, asked to join the elusive group. This was relayed by the East African country’s foreign ministry.
Argentina, Iran, Saudi Arabia, the United Arab Emirates, Cuba, the Democratic Republic of the Congo, Comoros, Gabon, and Kazakhstan are a few more countries that have expressed interest in joining the BRICS group of developing nations.
BRIC is an abbreviation representing the regional economies of Brazil, Russia, India, and China, which includes the letter S for South Africa in 2010. The term describes fast-growing economies that are set to collectively dominate the global economy by 2050. -Business Insider Africa
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