Algeria Stakes $1.5bn Contribution To Bloc’s Bank If BRICS Membership Request Is Approved

By Enyichukwu Enemanna

Algeria says it’s ready to make a financial contribution amounting to the sum of $1.5 billion to bloc’s bank if the request to join the BRICS group is approved, Ennahar TV quoted Algerian President Abdelmadjid Tebboune as saying.

The report added that Tebboune had cited exposure to new economic opportunities as reason for seeking to join the bloc after his visit to 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 $1.5 billion,” Ennahar quoted Tebboune as saying.

The North Africa country is rich in oil and gas resources and seeking to diversify its economy and strengthen its partnership with countries such as China.

The BRICS group of nations comprises Brazil, Russia, India, China, and South Africa.

It accounts for more than 40% of the world’s population and about 26% of the global economy.

More than 40 countries have expressed interest in joining the BRICS group of nations, South Africa’s top diplomat in charge of relations with the bloc said this week.

Argentina, Iran, Saudi Arabia, the United Arab Emirates, Cuba, Democratic Republic of Congo, Comoros, Gabon, and Kazakhstan are among countries that expressed interest.

China will invest $36 billion in Algeria across sectors including manufacturing, new technology, the knowledge economy, transport, and agriculture, local media quoted Tebboune as saying this week.

Credit GistNew

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