Algeria applies for BRICS membership, committing $1.5 billion as initial contribution

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Landscape of Algiers city

Algeria has officially applied to join the BRICS association of emerging national economies – Brazil, Russia, India, China, and South Africa. As reported by Reuters, Algerian President Abdelmadjid Tebboune has confirmed the nation’s request to become a shareholder member of the BRICS Bank, committing a hefty $1.5 billion as their initial contribution.

Tebboune reportedly made these remarks during his recent visit to China, stating that the aim of joining BRICS was to access new economic opportunities for Algeria. As a country rich in oil and gas resources, Algeria’s approach to becoming a member of the BRICS association highlights its drive to diversify its economy and solidify its partnership with powerhouse nations like China.

Comprising Brazil, Russia, India, China, and South Africa, the BRICS group represents more than 40% of the world’s population and approximately 26% of the global economy. Such a collaboration of emerging economies signifies the shift of global economic power away from the established Western countries towards the developing world.

Algeria’s bid to join BRICS does not stand alone. More than 40 countries, including Argentina, Iran, Saudi Arabia, the United Arab Emirates, Cuba, Democratic Republic of Congo, Comoros, Gabon, and Kazakhstan, have expressed interest in joining the association, according to the South African diplomat overseeing relations with the bloc.

This development coincides with Tebboune’s announcement that China plans to invest a substantial $36 billion across various sectors in Algeria, including manufacturing, new technology, the knowledge economy, transport, and agriculture. This significant foreign investment underpins Algeria’s intent to expand beyond its traditional oil and gas sector and echoes its aspirations of becoming a more prominent player in the global economy.

Whether or not Algeria’s application will be successful remains to be seen. However, their audacious move demonstrates the country’s desire to enhance its economic standing and foster stronger relations with powerful emerging economies.

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