Algeria has submitted a formal application to join the BRICS alliance. The bid includes a $1.5 billion bid to become a BRICS shareholder, Algerian President Abdelmadjid Tebboune was quoted as saying today.
“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.
Also Read: BRICS Ramping Up Lateral Investments Ahead of Annual Summit
With the annual summit less than three weeks away, Algeria is getting all its plans in early to successfully join the bloc. Algeria’s president recently concluded a four-day trip to China in order to reinforce the country’s desire to join BRICS.
Algeria is looking to diversify its economy and strengthen its partnership with countries such as China. In terms of its lore to BRICS, the North African country is rich in oil and gas resources.
Also Read: China Supports Iran’s Entry Into the BRICS Alliance
More than 40 other countries also have an interest in joining BRICS+. Argentina, Iran, Saudi Arabia, the United Arab Emirates, Cuba, and Kazakhstan are among these nations. Algeria is considered one of the favored nations to join upon expansion.
