22 July 2023; MEMO: Algerian President Abdelmadjid Tebboune announced on Friday that his country had submitted a request to be a shareholder in the BRICS group to the amount of $1.5 billion.
President Tebboune revealed, for the first time, the value of the contribution in an interview with China Central Television broadcast on Friday.
Tebboune disclosed: "We officially applied to join the BRICS group, we sent a letter asking to be shareholder members of the bank… Algeria's first contribution to the bank will be $1.5 billion."
The BRICS Bank, formerly referred to as the New Development Bank, is run by BRICS countries Brazil, Russia, India, China and South Africa, with its headquarters in Shanghai, China.
The bank was established in 2014 with an initial contribution from member states estimated at $100 billion. As of March, it has been chaired by former President of Brazil Dilma Rousseff, who will hold the position until 2025.
President Tebboune expressed that his country is looking forward to joining the BRICS group with the aim of diversifying its economy, and he stated on his recent visit to Russia that his country wants to urgently determine its accession.
The disclosure of the financial contribution, which Algeria is preparing to deposit in the BRICS Bank if its request is accepted, is the first practical step to joining the group.
The bank allows countries outside the founding members to contribute to its capital.
So far, Algeria has won the support of Russia and China in its request for its accession to the group, which will hold its next summit in South Africa in August.
