Algeria Seeks Membership in BRICS with $1.5 Billion Investment

Algerian television "Ennahar" reported today, Friday, that President Abdelmadjid Tebboune stated that Algeria has submitted an official request to join the BRICS group, aiming to contribute $1.5 billion to the bank. Tebboune mentioned at the end of his visit to China that Algeria seeks to join BRICS to open new economic horizons. The North African country, rich in oil and gas, aims to diversify its economy and enhance its partnership with countries like China. The BRICS group includes Brazil, Russia, India, China, and South Africa, representing over 40 percent of the world's population and about 26 percent of the global economy. A diplomat from South Africa stated this week that over 40 countries have expressed interest in joining the BRICS group. Among the countries showing interest are Argentina, Iran, Saudi Arabia, the UAE, Cuba, the Democratic Republic of the Congo, Comoros, Gabon, and Kazakhstan. Local media reported Tebboune stating this week that China will invest $36 billion in Algeria across sectors including manufacturing, new technologies, knowledge economy, transport, and agriculture.