Algeria Readies $1.5B BRICS Bid: Major Move for Membership in the Cards?

As quoted by Ennahar TV, Algerian president Abdelmadjid Tebboune has signaled that Algeria — Africa’s largest federation — is anxious to align itself with the BRICS coalition. He conveyed that this important alignment with the 5 large emerging economies could perchance unlock unprecedented economical prospects for each the nations.

Algeria Sets Sights connected BRICS

In anticipation of the forthcoming BRICS Summit, determination mightiness beryllium less emphasis connected the oft-debated BRICS reserve currency, yet over 40 nations grounds a keen involvement successful becoming portion of this influential bloc.

Ambassador Anil Sooklal, South Africa’s envoy to BRICS, subtly hinted astatine an imminent enlargement of the radical this year. According to a Reuters report via Ennahar TV, Algerian president Abdelmadjid Tebboune has announced that Algeria has officially sought to articulation the BRICS group, presently made up of Brazil, Russia, India, China, and South Africa.

“We officially applied to articulation the BRICS group, we sent a missive asking to beryllium shareholder members successful the slope … Algeria’s archetypal publication successful the slope volition beryllium $1.5 billion,” Tebboune told Ennahar successful a statement.

Algeria boasts a wealthiness of resources, acceptable to enrich the BRICS corporate with petroleum gas, crude petroleum, nitrogenous fertilizers, and ammonia. Additionally, the state is simply a trove of mineral wealth, overmuch of it inactive ripe for exploration and development. This includes bountiful reserves of robust ore, phosphate, and precious metals similar gold.

Eager to steer its system towards diversification, Algeria is present mounting its sights connected maximizing its untapped golden resources. At present, Algeria’s system mostly depends connected the ever-fluctuating planetary hydrocarbon prices. However, a imaginable surge is successful show arsenic the World Bank projects a 2.3% maturation successful Algeria’s GDP this year.

The much-awaited 15th BRICS Summit is scheduled to beryllium held successful Johannesburg, South Africa, from August 22-24, 2023. This acme volition signify the archetypal in-person gathering since the commencement of the Covid-19 pandemic. Notably, Russian president Vladimir Putin has reportedly opted not to be this year. While it remains uncertain if caller countries volition beryllium welcomed into the BRICS alliance, speculation surrounding this taxable has reached unprecedented levels.

What implications could caller members joining BRICS perchance person for the planetary economical landscape? Share your thoughts and opinions astir this taxable successful the comments conception below.