Algeria to join BRICS, contribute $1.5 billion to group bank

by babagana jidda kanempress

22nd july, 2023

Algeria is to join the BRICS group with a request to become a shareholder member of BRICS Bank with an amount of $1.5 billion.

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

Algerian President Abdelmadjid Tebboune said at the end of his visit to China that Algeria had sought to join the BRICS to open new economic opportunities.

“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,” Tebboune said.

Over 40 countries have expressed interested in joining the BRICS group of nations.
The BRICS group of nations comprises Brazil, Russia, India, China, and South Africa.

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