Algeria officially applies to join BRICS with $1.5 billion contribution

Algeria has taken the bold step of officially applying to join the BRICS group, a collection of emerging economies comprising Brazil, Russia, India, China, and South Africa. According to Algerian President Abdelmadjid Tebboune, the country has even submitted a request to become a shareholder member of BRICS Bank by contributing $1.5 billion.
This move is seen as a strategic decision to open up new economic opportunities for Algeria, a nation that is rich in oil and gas resources and is looking to diversify its economy while strengthening partnerships with countries like China.
The BRICS group holds significant global influence, accounting for over 40 percent of the world’s population and approximately 26 percent of the global economy. Joining this prestigious group would allow Algeria to tap into these vast markets, thereby boosting its economic growth and development.
President Tebboune’s announcement reflects Algeria’s ambitious plans to expand its international ties and explore new avenues for economic cooperation. With China being a major player in the BRICS group, Algeria’s intention to join shows a clear desire to strengthen its existing partnership with the Asian giant.
In fact, Chinese investment in Algeria is projected to reach a staggering $36 billion, spanning various sectors including manufacturing, new technology, the knowledge economy, transport, and agriculture. This significant investment demonstrates China’s confidence in the Algerian market and its commitment to furthering bilateral relations.
Algeria’s application to join the BRICS group is not unique. More than 40 countries have expressed interest in becoming members, as revealed by South Africa’s top diplomat in charge of relations with the bloc. Among the countries that have expressed interest are Argentina, Iran, Saudi Arabia, the United Arab Emirates, Cuba, the Democratic Republic of Congo, Comoros, Gabon, and Kazakhstan.
This underscores the global appeal and influence of the BRICS group, making it an attractive platform for countries seeking to enhance their economic standing on the world stage.
By joining the BRICS group, Algeria would gain access to a wide range of benefits. Firstly, membership would provide an avenue for increased trade and investment flows, enabling Algeria to diversify its economy beyond its traditional reliance on oil and gas exports. The BRICS countries collectively have a vast consumer base, offering numerous opportunities for Algerian goods and services.
Furthermore, joining the group would facilitate knowledge sharing and collaboration in sectors such as technology, manufacturing, and agriculture, thus promoting innovation and technological advancement within Algeria.
However, it is important to note that the process of joining the BRICS group is not straightforward. The existing BRICS members would need to carefully evaluate Algeria’s application, considering factors such as the country’s economic performance, political stability, and alignment with the group’s core objectives.
Additionally, any new member would need to make a substantial financial contribution, as stipulated by President Tebboune’s announcement of a $1.5 billion initial investment.