Abdelmadjid Tebboune, the president of Algeria, was quoted by Ennahar TV as saying that Algeria, the largest country in Africa, has expressed a desire to join the BRICS union. He said that this important alignment with the five largest rising economies might potentially open up previously incredible economic opportunities for all the countries.

Algeria Sets Sights on the BRICS

The frequently challenged BRICS reserve currency may be receiving less attention in the run-up to the upcoming BRICS Summit, but over 40 countries have expressed a strong interest in joining this powerful group.

South Africa’s representative to BRICS, Ambassador Anil Sooklal, made a subtle allusion to the organization’s impending growth this year. President Abdelmadjid Tebboune of Algeria has said that Algeria has formally applied to join the BRICS organization, which is currently made up of Brazil, Russia, India, China, and South Africa, according to a Reuters report via Ennahar TV.

“We sent a letter requesting to be shareholder members in the bank, and we officially joined the BRICS group… According to a statement from Tebboune to Ennahar, Algeria would deposit $1.5 billion into the bank as its initial investment.

See also  Coinbase Cloud and Kiln Enable Easier Ethereum Staking; 32 ETH Minimum Eliminated

Algeria has an abundance of resources that are prepared to supply the BRICS group with natural gas, crude oil, nitrogenous fertilizers, and ammonia. The nation also boasts a wealth of minerals, much of which is still available for inquiry and development. Included in this are productive reserves of gold, phosphate, and iron ore.

Algeria is currently focusing on utilizing its undiscovered gold deposits in an effort to diversify its economy. Currently, the economy of Algeria is heavily influenced by the constantly shifting worldwide hydrocarbon prices. However, the World Bank expects a 2.3% increase in Algeria’s GDP this year, signaling the possibility of a spike.

Johannesburg, South Africa, will play host to the eagerly anticipated 15th BRICS Summit from August 22–24, 2023.

The summit will mark the first in-person gathering since the COVID-19 outbreak began. Vladimir Putin, the president of Russia, is said to have decided not to go this year. Although it’s still unclear whether new nations will be accepted into the BRICS corps, belief on the subject has reached previously unheard-of heights.


Leave a Reply